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

Charitable Reg. #:87237 4426 RR0001


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

[Charity Rating: 5/5]



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) 88 cents are available for programs.

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About University of Toronto:

University of Toronto is a top-rated 5-star charity and one of Canada's largest charities. As with most large universities, it has a high results reporting grade and is financially transparent. The university's funding reserves can cover program costs for under 2 years.

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 campus in downtown Toronto, Mississauga campus, and Scarborough campus. U of T offers over 700 undergraduate programs and over 300 graduate programs to students in a variety of fields. It also has more than 1,100 student clubs across its three campuses. The university’s main charitable programs are education, research, and renovations.

In Fall 2021, University of Toronto had 97,066 students enrolled, including 75,582 undergraduate students and 21,484 graduate students. U of T reported having international students from 170 different countries and regions. This included 15,671 students from China, 2,082 students from India, and 1,171 students from the US. U of T’s St. George campus has 11 student residence buildings which can house 5,943 students. Its Mississauga campus can house 1,357 students, and its Scarborough campus can house 814 students.

University of Toronto reported having 15,111 faculty members, and 9,979 staff members in fall 2020. During the year it also had 739 post-doctoral fellows and 5,834 teaching assistants. In the past decade, U of T entrepreneurs have secured over $1.5 billion in funding and have created over 500 startup companies.

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Results and Impact

In 2021, the Times Higher Education ranked U of T as the 18th best university in the world. The university also ranked 26th in the 2021 QS World University Rankings. Both rankings list U of T as the best university in Canada. In 2020, U of T awarded 20,686 total degrees, including 13,587 undergraduate degrees, 6,286 master’s degrees, and 813 doctoral degrees. U of T reported that 94.3% of its 2017 graduating cohort had a job two years after graduating.

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 F2021, it received $394.0m in Canadian donations, which represents a 231% increase from F2020. It also received $2.0 billion in student fees (43% of total revenue), and $1.2 billion in government funding (27% of total revenue). In F2021, the university earned $786.0m in investment income, which represents a 15% annual return. Its average annual investment return since 2015 is 6%. From 2015 to 2021, the average annual investment return of the S&P 500 is around 13%. Investments in hedge funds make up 8% of the university’s portfolio. In 2021 Moody’s gave University of Toronto an Aa1 stable credit rating.

U of T administrative costs are 3% of total revenue excluding investment income. Fundraising costs are 9% of Canadian donations. This results in total overhead spending of 12%. For every dollar donated to the charity, 88 cents go to the cause. This is within Ci’s reasonable range for overhead spending. Ci used the charity’s T3010 filing with the CRA to report administrative and fundraising costs. The T3010 reported $348.3m less in total spending than the audited financial statements in F2021.

U of T has $6.2 billion in net funding reserves ($6.9 billion in liquid assets less $709.0m in interest-bearing debts). Its liquid assets also include $2.7 billion in donor-endowed funds. The university’s net funding reserves, excluding donor-endowed funds, can cover around 1 year and 4 months of 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 June 14th, 2022 by Arjun Kapur.

Financial Review

Financial Ratios

Fiscal year ending April
Administrative costs as % of revenues 3.1%3.3%3.3%
Fundraising costs as % of donations 8.7%29.4%24.9%
Total overhead spending 11.8%32.7%28.2%
Program cost coverage (%) 134.3%101.4%80.8%

Summary Financial Statements

All figures in $s
Donations 394,000119,000142,000
Government funding 1,230,0001,182,0001,196,000
Fees for service 1,995,0001,813,0001,728,000
Business activities (net) 183,000255,000245,000
Investment income 786,00029,000173,000
Total revenues 4,588,0003,398,0003,484,000
Program costs 2,769,3342,647,7892,548,201
Administrative costs 117,482110,186110,505
Fundraising costs 34,18435,02535,294
Other costs 60,00078,00088,000
Total spending 2,981,0002,871,0002,782,000
Cash flow from operations 1,607,000527,000702,000
Capital spending 315,000254,000331,000
Funding reserves 6,240,0004,709,0004,548,000

Note: Ci included donations to the charity’s endowment fund in revenues, affecting total revenue by $124.0m in F2021, $34.0m in F2020, and $40.0m in F2019. U of T does not report administrative and fundraising costs on its audited financial statements. Ci took administrative and fundraising costs from the charity’s T3010 filings. Ci reports sales and services revenues net of expenses. Investment gain on endowments was included in investment income, affecting revenues by $445.0m in F2021, and ($120.0m) in F2020. The charity's audited financials report in millions, the T3010 filing used for admin and fundraising costs report in dollars, and Ci is reporting in thousands. 

Salary Information

Full-time staff: 10,540

Avg. compensation: $130,596

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 F2021

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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: 416-978-2190


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Charitable Registration Number: 80340 7956 RR0001