"Thanks in great part to the newcomers we have welcomed throughout our history, Canada has developed into the strong and vibrant country we all enjoy," Ahmed Hussen, Canada's Minister of Immigration, Refugees and Citizenship (IRCC), said on Thursday.
Hussen, himself an immigrant from Somalia, said the influx will help offset Canada's aging population and declining birth rate while growing its labour force.
Canada's friendly stance towards new residents comes as many other Western nations, including the US, are adopting more restrictive immigration policies.
Canada is especially dedicated to offering protection to refugees.
The UN Refugee Agency reported unprecedented levels of refugees in 2017, with the number of forcibly displaced people reaching 68.5 million.
The Immigration, Refugees and Citizenship Canada has pledged $5.6 million to support global resettlement initiatives.