Apr 15, 2026
What happens when a country invests hundreds of thousands of dollars in educating its most talented people — and then watches them leave? That is the question Patrick Pichette, the Montreal-born former chief financial officer (CFO) of Google (NASDAQ:GOOG), put to a room full of policymakers at the 2026 Liberal Convention in Montreal.
The fact that Pichette himself left Canada to become senior vice president and CFO of Google in California — a role he held from 2008 to 2017 — may add a layer of complexity to his argument. He has since amassed a net worth of about US$269 million and is now a partner at Inovia Capital, based in London, England. But it is precisely because he benefited from the system that he says he understands what Canada is losing.
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“...Canadians have subsidized my education to the tune of … half a million,” he told the panel, titled Building a Stronger, More Competitive Canadian Economy (1).
To be precise, the mechanism Pichette is criticizing is the TN visa under the Canada-United States-Mexico Agreement (CUSMA), which allows Canadian and Mexican citizens to work temporarily in the U.S. in specific, prearranged professional roles.
Pichette himself benefited from this opportunity; after graduating from the University of Waterloo, Pichette received an offer from Microsoft (NASDAQ:MSFT) for US$300,000 a year. All he had to do, he said, was “show up at the border, apply for a TN visa” — with a three-year option available for just US$30.
Pichette’s proposed solution: shut down the TN program entirely or charge departing graduates a $500,000 exit tax to recoup the public investment in their education.
“You want to go to the U.S.? Give me back my money,” he said (2).
Pichette’s comments were made during the 2026 Liberal Convention, while he was participating on a panel discussing the Canadian economy. (His suggestions were part of a discussion and not part of a Federal Liberal platform.)
Canada’s brain drain
Pichette’s comments were made during the 2026 Liberal Convention, while he was participating on a panel discussing the Canadian economy. While his suggestions were part of a discussion and not part of a Federal Liberal platform, there’s data to support Pichette’s assertion that Canada is experiencing what economists call a brain drain — the departure of highly educated workers seeking better pay and opportunities elsewhere.
According to data, the scale of the Canadian brain drain is now at a historic level. Net emigration — Canadians leaving the country — reached 65,372 in 2024-25, the highest level in the 50-year data series (3).
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Research from the Bank of Canada found that roughly 40% of Canadians who would rank in the top 1% of earners have moved to the United States. The study also found that Canadian-born individuals in the U.S. are more educated than native-born Americans and earn substantially more (4).
This data, Pichette argued, shows not only the brain drain but also the loss of public funds spent on developing that Canadian talent. Based on past data, approximately 30,000 to 40,000 Canadians depart each year for the U.S. using the TN program.
“You want to save yourself $5 to $10 billion dollars? Shut the TN program. Keep them in Canada, or make them pay their half a million so that if they leave, I'm OK with that.”
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The real Canadian drain
Behind the debate over policy tools is a more fundamental challenge: Canada's economic outlook is pushing many educated workers to look elsewhere. While an exit tax or visa restriction might slow departures at the margins, it does not address what is drawing people away in the first place.
High living costs, a sluggish job market in some sectors, and a widening wage gap with the U.S. are all factors driving Canadians — especially those in tech, finance and health care — to explore cross-border options. The TN visa makes that transition unusually frictionless for professionals.
But the irony, for Pichette, is that he used every advantage Canada provided: Left the country, built a fortune, and is now arguing that same path should cost the next generation far more to walk.
What this means for you
Whether Canada ultimately adopts an exit tax or restricts the TN visa is a policy question — and a policy decision that is not currently up for debate. But the brain drain debate has real implications for individual Canadians trying to manage their financial lives — whether they stay or go. To understand the impact, you need to:
- Understand your credentials' cross-border value. Professionals in tech, finance, engineering and health care are among the most sought-after under the TN program. Knowing your market value — in both Canada and the U.S. — puts you in a stronger negotiating position wherever you work.
- Use registered accounts to protect what you earn. Whether you stay or go, maximizing your registered retirement savings plan (RRSP) and tax-free savings account (TFSA) contributions before any potential move is one of the most tax-efficient steps you can take. If you do relocate to the U.S., RRSP accounts are recognized under the Canada-U.S. tax treaty, though your TFSA is not — a critical distinction to discuss with a cross-border tax adviser.
- Factor in hidden costs. Gross salary differences between Canadian and U.S. offers can look dramatic on paper, but factor in higher U.S. health-care costs (unlike Canada's public system), state income taxes and the cost of living in major tech hubs before drawing conclusions.
- Know your departure tax obligations. Canadians who become non-residents are subject to a deemed disposition — the Canada Revenue Agency (CRA) treats most capital property as sold at fair market value the day you leave. Getting a tax assessment before you go can prevent an unexpected bill.
— with files from Romana King
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
CPAC (1); National Post (2); Statistics Canada (3); Bank of Canada (4)
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Em Norton is a Staff Writer for Money.ca. Em holds a B.A. in Professional Writing from York University and has been writing professionally since 2019. Em's work has previously been published by Room Magazine, IN Magazine, Our Canada and more.
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