Ontario’s fiscal year of 2023-24 has come to a close with a nearly balanced budget, thanks in part to the contribution of international tuition fees.
According to the latest financial report released by the provincial government, Ontario ended the fiscal year with a deficit of only $500 million, a significant decrease from the projected deficit of $38.5 billion at the beginning of the pandemic.
One of the key factors in this achievement is the increase in international tuition fees, which brought in an additional $1.2 billion in revenue for the province. This is a 20% increase from the previous year and is attributed to the growing number of international students choosing to study in Ontario.
The government’s decision to increase international tuition fees has been met with criticism in the past, with concerns raised about the affordability of education for international students. However, the government argues that this increase is necessary to offset the costs of providing education and services to international students.
In addition to the increase in international tuition fees, the province also saw a boost in revenue from corporate taxes and personal income taxes, which were higher than projected.
Despite the positive news, the government acknowledges that there is still work to be done in order to achieve a fully balanced budget. The deficit of $500 million is still a significant amount, and the government has stated that they will continue to focus on responsible spending and fiscal management in the coming years.
Overall, the nearly balanced budget for 2023-24 is a promising sign for the province’s economic recovery from the pandemic. With the contribution of international tuition fees and other sources of revenue, Ontario is on track to achieve a fully balanced budget in the near future.
