Conestoga College defends $252M surplus saying it's 'a one-time occurrence'

Conestoga college has a surplus of $252 million and the school is attributing it to an increase in the international student population.

The Kitchener, Ont. college is calling it a one-time surplus. It is more than double last fiscal's reported surplus of $106 million.

"We are proud to be a destination school for thousands of students eager to train in industry-relevant jobs, including healthcare, skilled trades and information technology," the college said in a statement.

Conestoga College's financial statements show it also received over $80.4 million in grants in 2024 — and over $90.2 million in grants the year before that.

"A surplus of this size is a one-time occurrence, and will be less next year as a result of the international student cap ... This will have an impact on Conestoga in terms of its financial planning, operational capabilities and ability to sustain current levels of growth and investment."

Roughly 100,000 fewer international students will getting permits to study in Ontario this year under the federal government's cap.

The province's 2024 budget also revealed that Ontario's colleges will lose out on $3.1 billion in revenue over the next two years as a result of the drop in international student enrolment.

Conestoga College granted more than 30,000 study permits to international students last year, and the province has said the biggest declines in study permits will be seen at that school.

Conestoga College said looking ahead, it plans to spend money on new infrastructure.

It has put aside about $400 million for building renovations, new projects and equipment upgrades. That includes upgrades to the campuses in Guelph and new housing for students.

In an interview with CBC Kitchener-Waterloo in February, Conestoga president John Tibbits defended the school's intake of international students. 

"Now, we're the focus because we're large and we're large because we serve 1.2 million people," Tibbits said in the interview.

Tibbits said at the time the number of international students made up more than half the student population at the college and many of those students were studying across campuses in Kitchener, Waterloo, Cambridge, Guelph, Brantford, Milton, Stratford and Ingersoll.