Finance Minister Peter Bethlenfalvy speaks to the media before tabling the Ontario budget, at Queen’s Park, in Toronto, on April 28, 2022.
Ontario ended the 2023-24 fiscal year with a nearly balanced budget, in part due to higher-than-expected revenue from international student tuition at colleges. The province released public accounts on Thursday.Ontario's public accounts, released Thursday by Finance Minister Peter Bethlenfalvy and and Treasury Board President Caroline Mulroney, show the province ended the 2023-24 year just $600 million in the red, down from the $1.3-billion deficit for that year projected in the 2023 budget.
That revenue is accounted for as part of "other non-tax revenues," which were $3.4 billion higher than projected. That boost was partially offset by lower-than-expected tax revenues. In 2019, Premier Doug Ford's government cut domestic tuition by 10% and froze it there. Since then, post-secondary institutions in Ontario, particularly colleges, had been increasingly relying on international student tuition revenue.
Ontario's allotment of new visas was cut in half, and the province indicated in the 2024 budget that losses for the college sector, whose finances show up on the province's books, will total about $3 billion over two years.Miller announced Wednesday that the number of visas will be further reduced by 10 per cent, and Ontario government officials say they do not yet have an estimate of how that will affect the province's finances.
Immigration Minister Marc Miller announced Wednesday that the federal government will further reduce the number of visas for international students by 10%.
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