StatCan report outlines impact of COVID-19 on university finances in 2020/2021

A recent report from Statistics Canada discusses the impact that the COVID-19 pandemic had on university finances in the 2020/2021 fiscal year. The report found that Canadian universities reported their highest surplus revenues since 2000/2001. The authors noted that the transitions to virtual learning environments enabled them to perform better than projected. While university revenues increased by 12.8%, tuition revenue slowed to increase by 2.7% and provincial funding continued to decrease with tuition revenue making up for the provincial drop in funding. Universities also experienced a large drop (47.5%) in product and service-based revenue. Other findings include that expenditures dropped by 3.8% and that expenditures on capital projects rose by 2%. StatCan Note: Archived stories may contain dead links or be missing source links.