Universities earned record surplus revenues during COVID
According to a report from Statistics Canada published on Tuesday 9 August, Canadian universities raked in CA$7.3 billion (US$5.7 billion) in surplus revenues during the 2020-21 school year, the highest since StatCan began collecting data in 2000. Revenues increased by 12.8% from the previous year to CA$46.3 billion while expenditures dropped by 3.8% to CA$39.0 billion. Much of the higher revenue can be attributed to the all-time high investment income thanks to strong stock performance in 2021.
“Collectively, universities demonstrated resilience by rapidly transitioning to virtual learning environments and performed better than projected, despite travel restrictions affecting international students, campus services being closed, and residences operating at lower capacity,” the StatCan report said.
Full report on the CTVNews.ca site