The Canadian government has announced a reduction of over 50% in the intake of international students for the upcoming academic year to ease the strain on housing availability and essential services. However, this decision has left universities across the country facing severe financial challenges.
International students typically pay tuition fees that are three to four times higher than those of domestic students, making them a crucial source of revenue for higher education institutions. With this sudden policy shift, many universities are now grappling with substantial budget shortfalls.
Gabriel Miller, a spokesperson for Universities Canada, described the situation as an "immediate hit" to institutions, emphasizing that the broader challenges posed by the federal government's revised rules for international student admissions are even more concerning. He warned that such changes could put the long-term future of Canadian higher education at stake.
For instance, McGill University is bracing for a deficit of C$45 million (approximately HK$253 million), while the University of Waterloo has projected a shortfall of C$75 million (about HK$422 million). To address the financial crisis, the University of Waterloo plans to cut expenditures by C$42 million (roughly HK$236 million).
(Source: Wen Wei Po; Special Correspondent: Cheng Xiaozhi; English Editor: Zoey SUN)
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