In 2023/2024, the total revenue of Canadian universities increased by $3.5 billion to reach $52.4 billion. Meanwhile, their expenditures rose by $2.3 billion, amounting to $48.7 billion.
Dollar figures in this release are expressed in 2024 constant dollars to enable comparisons over time by removing the effects of inflation.
The $3.5 billion increase in total revenue in 2023/2024 came from several sources: investment income (57.8%), tuition revenue (15.5%) and provincial funding (10.6%). The remaining 16.1% of revenue was attributable to sources such as donations, grants from non-governmental organizations and municipal funds.
The $2.3 billion increase in expenditures mainly came from salaries and benefits (62.1%). Other significant expenses that contributed to this increase included buildings, land acquisitions and improvements (10.2%) and externally contracted services (8.6%). The remaining 19.1% of expenditures included travel expenses and professional fees.
