Revenue at Canadian universities rose by $2.2 billion from one year earlier to $47.5 billion in 2022/2023, while expenditures increased $1.4 billion to $45.1 billion.
All COVID-19 pandemic-related public health restrictions were lifted by the beginning of the 2022/2023 academic year, allowing for the full resumption of on-campus activities. This contributed to an increase in ancillary revenue, including that from residence halls, food services and parking. However, travel and utility costs increased.
Dollar figures in this release are expressed in 2023 constant dollars to remove the effect of inflation and to enable comparisons over time.
The inflation rate of 4.3% in 2022/2023 resulted in higher operating costs for Canadian universities in terms of materials and supplies, maintenance, travel, furniture and equipment, and it followed a 6.7% increase in 2021/2022.
