Royal Bank of Canada CEO Dave McKay says the U.S. government’s new $100,000 fee on H-1B visas could open the door for Canada to attract top global talent.
Speaking with Bloomberg, McKay described the move as a “material opportunity” for Canada, particularly in technology and finance. He noted that foreign students from India, South Asia and Europe may now prefer Canada over the U.S. “They’ll say, ‘Well, I can’t get into the U.S., but I want to move to North America — I’ll come to Canada,’” McKay explained.
The H-1B visa program has long been a key entry point for skilled international workers into U.S. tech hubs. But President Donald Trump’s new executive order, announced September 19, 2025, makes recruitment more costly and difficult for American companies.
McKay said this shift could help Canada retain foreign graduates who typically leave for Silicon Valley after studying at Canadian universities. He urged Ottawa to seize the moment by lowering taxes for entrepreneurs and cutting regulatory barriers to scaling businesses.
“We have a secular moment where talent’s going to stay and more talent might arrive here,” McKay said. “So we need a tax system and we need to scale with capital.”
RBC, which employs more than 70,000 people in Canada and another 17,000 in the U.S., could also rethink relocating staff south of the border. McKay said that while some high-earning roles could justify the new fee, others may no longer make financial sense.
Analysts estimate the $100,000 fee could reduce U.S. work authorizations by 5,500 a month, particularly affecting Indian workers and the tech sector. For Canada, the change could represent a rare opportunity to strengthen its position as a global hub for skilled professionals.
