Ontario ended the 2023-24 fiscal year with a nearly balanced budget, showing a deficit of just $600 million, significantly improved from the projected $1.3 billion. This was largely attributed to a $1.6 billion increase in revenues, especially from international student tuition at colleges, which has become a crucial financial pillar for post-secondary institutions following cuts to domestic tuition.
The uptick in international student enrolment has been remarkable, with universities nearly doubling and colleges more than tripling enrolment numbers between the 2014-15 and 2021-22 academic years. This sharp increase reflects the post-secondary sector's strategic pivot towards international markets following domestic tuition freezes.
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