Should companies be able to hire foreign workers, if they can't find locals to fill the position?

Here in Canada a few companies got in trouble doing this, bringing in foreign workers at a cheaper rate, than they pay Canadians.
My view if there is truly a worker shortage and they have to fill the void with outside labour then they should be able to, but at a cost to the company, say like a $2 an hour over what a Canadian would make, not a cost saving.
Other than that, then up the wage for the position to attract locals.
What’s your opinion on this?