I'd say your friend is exactly right (but he forgot that you'd have to make an initial investment of 400K into a business in Canada), but that's only one way of immigrating. But if he didn't qualify for the easier methods (relatives to sponsor him, sexy graduate degree or a bachelor's degree and some good job experience, refugee status) than that's the last guaranteed in. It's pretty much the same to get into the US.
Trust me, the american wife and I have done the research. ;p The rich investor route is just one way to get in though.