One of the reasons given by then Immigration minister:
"Having to process applications that are as many as eight years out of date reduces our ability to focus on new applicants with skills and talents that our economy needs today."
Please note that applications were mostly paper-based and it was difficult for IRCC to trackback these applications. Do you know how many applicants suffered?
280,000. I want to remind you that not many applicants are still waiting for their approval from 2019. They are a handful and they are mostly complex. Since Sep 2019, 85000+ invites were sent from "No class specific draws". Even if all these applicants are FSWs (which is hard to believe), are 85000 "online" applications difficult to be processed versus paper-based 280,000 applications that were lying from as early as 8 years to 4 years? Even if IRCC cancels, how would that make them look in front of the world? That would be 2nd time in 10 years of canceling applications due to incompetency. Let's say IRCC lacks shame (which is true), why would they cancel online applications that are in the final stages? Most of the applications are pending security which is done by other agencies and not by IRCC. I say this from reading threads on this website and all of social media day and night for the last 18 months. Why would IRCC keep indicating that they want more immigrants? In 2021, 8 to 4 years old applications were truly outdated and it happened after the economic crises. Even though we are in a health crisis, it's not like Canada has no jobs for newcomers or doesn't need new talent like in 2008. Go read articles that say Canada immediately needs highly skilled professionals but they only have low-skilled CEC grandpas and grandmas.
I want to stress the point "....out of date reduces our ability to focus on new applicants with skills and talents that our economy needs today" made by then Marco. Do you think technologies in IT, Energy, hospitality, and other sectors changed in just 2 years? It's the same. Maybe Canada needs professionals in clean energy but it has not changed drastically in other sectors. So there is no "out of date" talent or 8 to 4 year old paper-based applications. Just chill. Also, in 2012 IRCC canceled applicants who applied before Feb 28, 2008. So they processed applications applied after March 1, 2008. Today, there are no age-old applications. It's just a year old and a maximum of 2 years old applications.
https://blog.firstreference.com/government-of-canada-will-cancel-federal-skilled-worker-cases-filed-prior-to-2008/#.YTfXYrVKiUk
Personally, I would re-apply if IRCC cancels FSW because I am not gonna lose anything if they cancel FSW now. But, think about the negativity being spread without a solid source.