According to a report published by Statistics Canada, Universities in Canada may encounter the loss of $3.4 billion this year due to coronavirus developments, mostly due to decrease in the number of international students.
Erudera College News reported that the aim of the report is to calculate financial losses of universities all over Canada for the 2020/21 academic year.
Tuition fees accounted for 24.7 percent of school funding in 2013/2014 and increased to 29.4 percent in 2018/19.
According to Statistics Canada, the hike in tuition fees income has been linked with a higher number of international students as they pay five times higher tuition fees than Canadian citizens.
International students paid around 40 percent of all tuition fees in 2017/2018 and as a result of this, Canadian universities may encounter a loss of $377 million and $3.4 billion this academic year.
Statistics Canada’s data is based on the number of study permits issued by the Immigration, Refugees and Citizenship Canada (IRCC), which reveals the number of international students in Canada.
In 2020, 58 percent lesser study permits have been granted out of which 13 percent became invalid in September.
The agency also said that it was possible the number of Canadian student registrations decrease this year owing to the fact that 20 percent of prospective students between 17 and 24 years declared they would not go back to school this year.
