Statistics Canada released its latest population projections for Canada, stating that the country's population could reach close to 57 million by the year 2068.

As the world population is set to reach 8 billion people this year, the number of people living in Canada is also expected to increase significantly. In accordance with the latest population projection, Canada's population may reach between 42.9 million and 52.5 million in 2043.

Now, while that may seem light years away, 2043 will come knocking faster than you know it, and an increase of possibly 14 million people is a pretty big deal.

As of 2068, Statistics Canada estimates that Canada's population could hit between 44.9 million and 74.0 million. "In one medium-growth scenario, Canada's population would reach 47.8 million people in 2043 and 56.5 million in 2068," the federal agency said.

Statistics Canada went on to state that with Canada's recently declining fertility rate, immigration will be the driving factor behind the vast increase in population.

However, immigration will not be able to increase the proportion of youth in the population. So, Canada will likely remain dependent on high immigration levels to revive its population, which will also affect the national average age.

"Canada's population will continue to age in the coming decades. Thus, in a medium-growth projection scenario, the average age in Canada increases from 41.7 years in 2021 to 44.1 in 2043 and to 45.1 in 2068," Statistics Canada said. This ultimately means that more than one in four people will be aged 65 and older in 2068.

As of 2021, the population of Canada stands at 38.2 million people.

This article's cover image was used for illustrative purposes only.