215 Huron Street, 2nd Floor
Toronto, ON M5S 1A2
President: Meric Gertler
Chancellor: Rose Patten

Charitable Reg. #:10816 2330 RR0001


Ci's Star Rating is calculated based on the following independent metrics:

[Charity Rating: 3/5]



Audited financial statements for current and previous years available on the charity’s website.



Grade based on the charity's public reporting of the work it does and the results it achieves.



The demonstrated impact per dollar Ci calculates from available program information.


Charity's cash and investments (funding reserves) relative to how much it spends on programs in most recent year.



For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 100 cents are available for programs.

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About University of Toronto:

University of Toronto is a 3-star charity and one of Canada's largest charities. It has a high results reporting grade and is financially transparent. The charity does not report administrative and fundraising costs in its audited financial statements. 

Founded in 1827 as King's College, University of Toronto (U of T) is a public research university in Ontario. U of T is the oldest university in Ontario. Today, U of T spans three campuses: St. George in downtown Toronto, Mississauga, and Scarborough. U of T states that it teaches over 97,000 students across its three campuses. The university's main charitable programs are education and research. It does not provide a breakdown of spending on these programs.

In F2023, University of Toronto had 86,297 (full-time equivalent) enrollment, including 65,771 undergraduate students and 20,526 graduate students. In Fall 2022, international students comprised 29.8% of total enrolment and 32.6% of undergraduate intake. U of T reported that international students in the incoming Fall 2022 class came from 135 countries and regions. The university also states that an average of 44% of students over the past five years came from low-income families. 

University of Toronto is home to 330 Canada Research Chairs. According to the university, it has the highest allocation of Canada Research Chairs in the country by a margin of over 130 chairs. In F2023, U of T managed 340 research funds and promoted 439 events to support its research and innovation community. 

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Results and Impact

In 2023, the Times Higher Education ranked U of T as the 18th best university in the world. The university also ranked 21st in the 2023 QS World University Rankings. In 2022, U of T ranked 11th globally for global employability. In 2022, U of T reported a graduation rate of 82% within seven years of commencing study. The university also reports that 89% of its graduates find employment in a related field two years after graduation. The median earnings of U of T graduates two years after graduation was $59k in 2022.

U of T had 1.5 million research citations between 2017-18 and 2021-22. University of Toronto researchers were the fourth most cited globally between these years. U of T was ranked 6th worldwide for performance ranking of scientific papers in 2022. 

While Ci highlights these key results, they may not be a complete representation of U of T's results and impact. This charity has not yet been rated on impact (n/r).

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University of Toronto is a Major 100 charity, one of Canada's largest charities in terms of donations. In F2023, it received $188.0m in Canadian donations, up 15% from $160.0m in F2022. It also received $2.2 billion in student fees (53% of total revenue) and $1.2 billion in government funding (29% of total revenue). In F2023, the university earned $280.0m in investment income, representing a 4% annual return. Its average yearly investment return over the past five years is 5%.

University of Toronto does not report administrative and fundraising costs in its audited financial statements. Thus, Ci reported administrative and fundraising spending from the university's T3010 filing with the CRA in F2022 and F2021. However, the university's F2023 T3010 is not available at the time of this report; therefore, Ci cannot report overhead spending for F2023. In F2022, administrative costs were 3% of revenues (excluding investment income), and fundraising costs were 24% of donations. This results in total overhead spending of 28%. For every dollar donated in F2022, 72 cents went to the cause.

U of T has $7.0 billion in reserve funds (cash and investments), of which $2.8m is donor endowed. Excluding donor-endowed funds, U of T could cover 133% or just under one year and four months of its annual program costs.

This charity report is an update that has been sent to University of Toronto. Changes and edits may be forthcoming.

Updated on July 5, 2023 by Sydney Olexa.

Financial Review

Financial Ratios

Fiscal year ending April
Administrative costs as % of revenues 0.0%3.3%3.2%
Fundraising costs as % of donations 0.0%24.3%13.9%
Total overhead spending 0.0%27.7%17.1%
Program cost coverage (%) 133.1%147.2%134.3%

Summary Financial Statements

All figures in $000s
Donations 188,000160,000246,000
Government funding 1,187,0001,179,0001,230,000
Fees for service 2,204,0002,121,0001,995,000
Business activities (net) 305,000244,000183,000
Investment income 280,000(27,000)786,000
Total revenues 4,164,0003,677,0004,440,000
Program costs 3,288,0002,871,7422,769,334
Administrative costs 0123,329117,482
Fundraising costs 038,92934,184
Other costs 92,00063,00060,000
Total spending 3,380,0003,097,0002,981,000
Cash flow from operations 784,000580,0001,459,000
Capital spending 512,000468,000315,000
Funding reserves 6,997,0006,747,0006,240,000

Note: Ci included donations to the charity's endowment fund in revenues, increasing total revenue by $51.0m in F2023, $57.0m in F2022, and $124.0m in F2021. U of T does not report administrative and fundraising costs on its audited financial statements. Ci reported administrative and fundraising costs from the charity's T3010 filings for F2022 and F2021. The F2023 T3010 filing is not available at the time of this report; thus, Ci could not report F2023 overhead spending. Ci reported sales and services revenue net of expenses, decreasing revenues and expenses by $130.0m in F2023, $106.0m in F2022, and $85.0m in F2021. Ci included investment gain on endowments in investment income, affecting revenues by $22.0m in F2023, ($54.0m) in F2022, and $445.0m in F2021. Ci reported investment fees in investment income, decreasing revenues by $54.0m in F2023, $52.0m in F2022, and $43.0m in F2021. The university's audited financial statements report in millions, the T3010 filings report in dollars, and Ci reports in thousands. University of Toronto does not break down deferred government grants from deferred donations; thus, Ci could not adjust for deferred contributions.

Salary Information

Full-time staff: 10,949

Avg. compensation: $163,466

Top 10 staff salary range:

$350k +
$300k - $350k
$250k - $300k
$200k - $250k
$160k - $200k
$120k - $160k
$80k - $120k
$40k - $80k
< $40k

Information from most recent CRA Charities Directorate filings for F2022

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Comments & Contact

Comments added by the Charity:

No comments have been added by the charity.

Charity Contact

Website: www.utoronto.ca
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: (416) 978-2011


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Charitable Registration Number: 80340 7956 RR0001