Statistics Canada's Population Clock, which models population growth in real time based on a number of factors (including recent trends for births, deaths and migration data), will reach 40 million just before 3 p.m. (EDT).

"This is an exciting milestone for Canada," says Chief Statistician Anil Arora. "It is a strong signal that Canada remains a dynamic and welcoming country, full of potential. As we head into Canada Day, this is certainly cause for celebration!"

While several countries are bracing for the impacts of population decline, Canada continues to lead the G7 when it comes to population growth.

It currently stands at 2.7%, which is the highest level since 1957, when immigration and the baby boom helped Canada's population grow by 3.3%.

In fact, between January 2021 and 2022, Canada added over one million people for the first time in its history.

The current trend is driven in very large part by permanent and temporary migration, which accounted for nearly all growth recorded in 2022 (96%).

"If it continues, current projections show that Canada's population could reach 50 million by 2043," read the statement issued by Statistics Canada.