Ontario ends 2023-24 with nearly balanced budget, partly due to international tuition

Ontario ended the 2023-24 fiscal twelvemonth with a astir balanced budget, successful portion owed to higher-than-expected gross from planetary pupil tuition astatine colleges.

The state released nationalist accounts today, a last tally of the spending and revenues for the past fiscal twelvemonth and it showed Ontario ended the 2023-24 twelvemonth conscionable $600 cardinal successful the red, down from the $1.3-billion shortage for that twelvemonth projected successful the 2023 budget.

Government officials accidental revenues were up by $1.6 billion, oregon 8 per cent, from what was expected astatine the clip of the 2023 budget, and that was mostly driven by accrued tuition gross from international students astatine colleges.

Ontario’s post-secondary institutions, peculiarly colleges, had been progressively relying connected planetary pupil tuition gross aft Premier Doug Ford’s authorities chopped home tuition by 10 per cent successful 2019 and froze it there.

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The national authorities announced earlier this twelvemonth that it was slashing the fig of international-student permits and Ontario expects that losses for the assemblage sector, whose finances amusement up connected the province’s books, volition full astir $3 cardinal implicit 2 years.

Federal Immigration Minister Marc Miller announced Wednesday that the fig of visas volition beryllium further reduced by 10 per cent, and Ontario authorities officials accidental they bash not yet person an estimation of however that volition impact the province’s finances.