Amid concerns about housing shortages, pressure on public services and labour market imbalances, the Canadian government has announced a policy shift to reduce the share of temporary residents--including temporary foreign workers, international students and asylum seekers--in the national population. The government aims to lower the proportion of temporary residents in the national population to 5% by the end of 2026 to ease the strain on infrastructure and support more sustainable population growth (IRCC, 2024a). The measures planned to achieve these goals led to the combination of three approaches to reduce the stock of non-permanent residents (NPRs): limiting new inflows of NPRs, increasing transitions to permanent residency and restricting permit extension. By using year-end stock-level data from 2018 to 2022, this article examines how the stock of work and study permit holders in a given year changed their residency status over the following three years. Specifically, it calculates the share of work and study permit holders in each subsequent year who (1) obtained permanent residency, (2) held valid current permits, (3) received a new temporary residency permit, (4) claimed asylum or (5) did not have a valid residency permit. While previous studies have tracked the residency trajectories of new work or study permit holders, particularly regarding the timing and likelihood of obtaining permanent residency (e.g., Choi, Crossman, & Hou, 2021; Lu & Hou, 2024; Prokopenko & Hou, 2018), they have not provided a comprehensive picture on how the status of a stock of work and study permit holders shifts from one year to the next. This article fills that gap.