2023-24 Ontario budget nearly balances with $600M deficit, largely due to a $1.6B increase in international student tuition revenue.

Ontario's 2023-24 fiscal year concluded with a nearly balanced budget, reporting a $600 million deficit, an improvement from the projected $1.3 billion. This financial boost is largely due to a $1.6 billion (8%) increase in revenue, primarily from international student tuition at colleges. Following a 10% cut and freeze on domestic tuition in 2019, colleges have increasingly relied on international students for funding.

September 19, 2024
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