Canadian universities reported record-high surplus revenues in wake of the pandemic as schools took advantage of last year's strong stock market performance.
published Tuesday, Canadian universities raked in $7.3 billion in surplus revenues during the 2020-2021 school year, the highest since StatCan began collecting data in 2000. Revenues increased by 12.8 per cent from the previous year to $46.3 billion while expenditures dropped by 3.8 per cent to $39.0 billion.
"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.
On the other hand, rising tuition revenue has been able to make up for the shortfalls in provincial funding. Tuition revenue accounts for 28.8 per cent of total revenue in 2020-2021, compared to 21.5 per cent 10 years ago, especially as international tuition has continued to skyrocket. Because of a lack of on-campus activities amid COVID-19 restrictions, universities also lost $1.5 billion or nearly half of the revenue from the sale and services of products, such as in cafeterias, gyms and residences.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Five new COVID-19 deaths in Ottawa this weekOttawa Public Health says the level of COVID-19 in the community remains high during the second week of August, but indicators are 'showing a decrease.'
Read more »
N.S. hospitals no longer have designated COVID-19 units | CBC NewsDr. Shelly McNeil, senior medical director for COVID planning and implementation for Nova Scotia Health, called it the 'gradual evolution' of dealing with COVID-19 in the health care system.
Read more »
Number of people in Alberta hospitals with COVID-19 increases | Globalnews.caThe province also announced 21 more COVID-19 deaths were recorded over seven days, bringing the total number of verified coronavirus deaths in Alberta to 4,694.
Read more »
Sask. expanding COVID-19 fourth vaccine dose eligibility to residents 18+Saskatchewan is expanding COVID-19 vaccine fourth dose eligibility to residents 18 years and older.
Read more »
Health unit reports hike in COVID cases, but no deaths this weekCOVID-19 risk index is still at moderate despite 13 active outbreaks across the city
Read more »
Victoria Real Estate Came Into Its Own During the Pandemic, Here’s WhyAfter record highs, Victoria’s housing market has seen a slight slowdown in the first half of 2022. realestate realestatenews BC housingmarket
Read more »