In 2020/2021, the first year of the COVID-19 pandemic, Canadian colleges reported a record decrease of $993.0 million in revenue (in constant 2020/2021 inflation-adjusted dollars), compared with the previous fiscal year. It was the largest loss reported since Statistics Canada started collecting data on college finances in 2001/2002 and was mainly due to a drop in revenues from fees and ancillary services. Consequently, colleges reduced expenditures by $1.05 billion from 2019/2020, which resulted in an overall surplus of $315.1 million for the 2020/2021 fiscal year.
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