Conestoga College reports nearly $252 million surplus

Conestoga College reported a surplus of $251,646,838 this year, and the Kitchener, Ontario, school more than doubled last year’s surplus of $106,220,863, according to financial statements.

Waterloo Region Councillor Michael Harris said public higher education should not be about profit.

“A $252 million surplus is significant. And we all really know the underlying reason for that,” he added. “It’s the international student component and the excessive enrollment of international students.”

Conestoga College told CTV News that no one was available for an interview, but in an email they confirmed that the surplus is due to an increase in the number of international students.

“A surplus of this size is a one-off and will be less next year due to the cap on international students,” the email said.

The number of full-time students at the school rose from over 24,000 last year to over 40,000 this year.

According to the Canadian Department of Immigration, Refugees and Citizenship, more than 14,500 new study permits were approved for Conestoga College last year.

That’s more than any other higher education institution in the country and almost three times as many as Lambton College, which had the second highest number of study permits.

This year, more than 4,000 new student permits were approved for Conestoga College.

Once again, it tops Canada’s list.

Conestoga’s financial statements show the university received just over $80 million in grants this year, down nearly $10 million from last year.

Meanwhile, tuition revenues have nearly doubled from the previous year. In 2023, tuition revenues were $389,238,232, rising to $682,215,177 in 2024.

The University of Waterloo, on the other hand, is forecasting a $75 million deficit next year, while Wilfrid Laurier University expects a small budget surplus.

Harris, a Conestoga College graduate herself, said the rate at which international students are enrolling will lead to increased need for services such as public transportation and housing.

This could then cost the taxpayer more money.

“Public transportation, emergency services and all sorts of other things that frankly the region is not getting any additional funding for,” Harris explained.

He also pointed out that high enrollment numbers can have consequences for the quality of education.

“I’ve heard from many of my constituents who have called with great concern, even those who work at the university,” Harris said.

Conestoga College, on the other hand, claims that 87 percent of its students find jobs.

The school also said it does not expect to see such a surplus again in the future, due to the federal cap on international enrollment.

The school has pledged to adapt to government guidelines, but still plans to make upgrades. $300 million to $400 million has been allocated for investments in building renovations, new projects and equipment upgrades.