"Consistent with Canada's longstanding tradition of providing protection to refugees most in need, we will continue to monitor this situation and explore options to further meet resettlement needs with respect to Iraqis."
The UN High Commissioner for Refugees (UNHCR) estimates that since the Iraq conflict began in 2003 more than two million Iraqis have fled violence in the country, mostly to Syria, Jordan and Egypt.
An additional 2.5 million have been displaced internally due to the violence, the organisation says.
Every year, 19 countries resettle about 100,000 refugees, of which Canada annually resettles 10,000 to 12,000 refugees from 70 different nationalities.
Canada's announcement comes as the world has marked the fifth anniversary of the US-led invasion of Iraq.