Research income at Canada's Top 50 Research Universities saw another year of respectable growth (4.8%), with a combined $10.06 billion received in Fiscal 2024. Research income expanded at 32 universities and declined at 18 others. In Fiscal 2024, average faculty research intensity - research income per faculty member - was $237,200, an increase of 2.9% over Fiscal 2023. Graduate student research intensity - research income per graduate student - was $42,700, an increase of 3.4%.
In Fiscal 2024, Total Government funding increased by 3.0% to $6.21 billion, while Total Non-Government funding grew more than double that (up 7.8% to $3.85 billion). Research funding from the Total Tri-Councils was down by -1.5% with funding from NSERC down -4.8% ($938.0 million) and CIHR down -1.3% ($1.13 billion). However, SSHRC funding - which includes a component of Tri-Council funds - increased by 6.0% to $419.9 million. Funding by the Canada Foundation for Innovation was up by 36.9% ($518.4 million). Although not representing a large portion of research funding, there were sizeable increases in funding by Municipal Governments (up 9.9%) and Foreign Governments (up 9.5%). Provincial Governments funding was flat, only expanding by 1.1% to $1.45 billion in Fiscal 2024, compared to a growth of 12.4% in Fiscal 2023.
Total Non-Government funding growth was a product of continued strong support by the Not-for-Profit sector, which was up 9.8% to $2.22 billion, while Total Endowments and Investments grew by 29.2% over the period as well. Corporate funding of research was flat at 0.7% growth, to $1.11 billion in Fiscal 2024, compared to a 4.3% increase in Fiscal 2023. Research funding from Individuals grew by 4.4%, compared to 31.9% in Fiscal 2023.
$100 Million Club
Research Infosource salutes the 24 universities that gained membership in the prestigious $100 Million Club - institutions that attracted $100 million or more of research income in Fiscal 2024.
Club members accounted for $9.25 billion of research income, 92% of the Top 50 total; and posted a combined research income gain of 4.9%, slightly above the national increase.
University tiers
In Fiscal 2024, combined research income at the 16 Medical universities increased by 5.9% to $8.09 billion. Combined research income growth at the 13 Comprehensive universities dropped -0.5% to $1.44 billion (compared to a growth of 12.9% in Fiscal 2023). Research income at 19 Undergraduate institutions posted a combined increase of 3.6% to $385.6 million.
The top universities in each tier as measured by research income were: University of Toronto (Medical tier, 1st place overall), University of Waterloo (Comprehensive tier, 15th overall) and Université du Québec à Chicoutimi (Undergraduate tier, 32nd overall).
Top Universities by Tier FY2024
Research Income
Rank
Medical
$000
1
University of Toronto
$1,588,932
2
Université de Montréal
$775,414
3
McGill University
$749,207
Rank
Comprehensive
$000
1
University of Waterloo
$198,471
2
University of Guelph
$175,535
3
University of Victoria
$168,000
Rank
Undergraduate
$000
1
Université du Québec à Chicoutimi
$39,890
2
Université du Québec à Rimouski
$39,884
3
Ontario Tech University
$28,337
Research Income Growth (% Change FY2023-FY2024)
Rank
Medical
%
1
University of Saskatchewan
34.6
2
Université de Sherbrooke
19.0
3
University of Manitoba
16.6
Rank
Comprehensive
%
1
University of Windsor
37.0
2
University of Victoria
20.3
3
Université du Québec à Montréal
11.1
Rank
Undergraduate
%
1
Royal Military College of Canada
24.6
2
Université de Moncton
23.6
3
Ontario Tech University
23.5
Faculty Research Intensity ($ per Faculty)
Rank
Medical
$000
1
University of Toronto
$565.7
2
McMaster University
$430.1
3
McGill University
$407.8
Rank
Comprehensive
$000
1
University of Victoria
$215.9
2
University of Guelph
$212.5
3
Simon Fraser University
$171.0
Rank
Undergraduate
$000
1
Université du Québec à Rimouski
$166.9
2
Université du Québec en Abitibi-Témiscamingue
$162.6
3
Université du Québec à Chicoutimi
$147.2
Graduate Student Research Intensity ($ per Graduate Student)
Rank
Medical
$000
1
University of Saskatchewan
$85.3
2
McGill University
$76.2
3
McMaster University
$74.3
Rank
Comprehensive
$000
1
University of Guelph
$56.0
2
University of Victoria
$52.8
3
Simon Fraser University
$35.2
Rank
Undergraduate
$000
1
University of Winnipeg
$51.4
2
Royal Military College of Canada
$33.8
3
University of Northern British Columbia
$28.8
Note:
Based on full-service universities on the 2025 Top 50 Research Universities list.
Research income growth
Overall, in Fiscal 2024, 32 universities recorded gains in research income versus 18 where research income dropped. This is similar to Fiscal 2023, when 35 universities posted research income growth versus 15 where research income fell.
The Medical tier standout on research income growth was University of Saskatchewan (up 34.6%). University of Windsor led the Comprehensive tier and was the overall research income growth leader (up 37.0%) and Royal Military College of Canada topped the Undergraduate tier (up 24.6%).
University Partnerships Research Income by Tier FY2024
Corporate Research Income
Rank
Medical
$000
1
University of Toronto
$156,947
2
Université de Montréal
$104,079
3
McMaster University
$88,783
Rank
Comprehensive
$000
1
University of Guelph
$20,940
2
University of Waterloo
$16,841
3
Université du Québec à Montréal
$12,730
Rank
Undergraduate
$000
1
Université du Québec à Chicoutimi
$10,649
2
Ontario Tech University
$8,525
3
Université du Québec en Abitibi-Témiscamingue
$5,597
Corporate Research Income as % of
Total University Research Income
Rank
Medical
%
1
Memorial University of Newfoundland
30.2
2
McMaster University
21.0
3
Queen's University
19.5
Rank
Comprehensive
%
1
University of Guelph
11.9
2
Université du Québec à Montréal
10.6
3
Concordia University
9.9
Rank
Undergraduate
%
1
Ontario Tech University
30.1
2
Université du Québec à Chicoutimi
26.7
3
Université du Québec en Abitibi-Témiscamingue
21.8
Corporate Research Income Growth
(% Change FY2023-FY2024)
Rank
Medical
%
1
University of Saskatchewan
63.2
2
University of Manitoba
45.6
3
Université de Montréal
18.0
Rank
Comprehensive
%
1
Université du Québec à Montréal
35.1
2
York University
19.5
3
Toronto Metropolitan University
15.3
Rank
Undergraduate
%
1
Ontario Tech University
103.9
2
Université du Québec à Rimouski
48.1
3
Wilfrid Laurier University
43.4
Not-for-Profit Research Income
Rank
Medical
$000
1
University of Toronto+
$521,600
2
University of British Columbia
$186,640
3
Université de Montréal
$132,213
Rank
Comprehensive
$000
1
Simon Fraser University
$28,080
2
University of Waterloo
$24,083
3
University of Guelph
$15,522
Rank
Undergraduate
$000
1
Lakehead University
$7,206
2
Université de Moncton
$5,991
3
Université du Québec à Rimouski
$5,834
Not-for-Profit Research Income as % of
Total University Research Income
Rank
Medical
%
1
University of Manitoba
38.8
2
University of Toronto+
32.8
3
University of British Columbia
25.2
Rank
Comprehensive
%
1
University of New Brunswick
22.2
2
Simon Fraser University
17.7
3
Université du Québec à Trois-Rivières
13.1
Rank
Undergraduate
%
1
Université de Moncton
36.7
2
Lakehead University
25.6
3
University of Northern British Columbia
18.4
Not-for-Profit Research Income Growth
(% Change FY2023-FY2024)
Rank
Medical
%
1
Memorial University of Newfoundland
47.7
2
Université Laval
44.0
3
University of Saskatchewan
41.8
Rank
Comprehensive
%
1
Carleton University
43.0
2
University of New Brunswick
17.1
3
Toronto Metropolitan University
16.6
Rank
Undergraduate
%
1
Université du Québec à Chicoutimi
440.6
2
University of Northern British Columbia
350.8
3
Université du Québec à Rimouski
233.4
International Government Research Income
Rank
Medical
$000
1
University of Toronto
$29,248
2
University of British Columbia
$28,798
3
McGill University
$22,299
Rank
Comprehensive
$000
1
University of Victoria
$5,052
2
Simon Fraser University
$4,486
3
University of Waterloo
$3,374
Rank
Undergraduate
$000
1
Ontario Tech University
$801
2
Trent University
$518
3
Lakehead University
$231
International Government Research Income as
% of Total University Research Income
Rank
Medical
%
1
University of British Columbia
3.9
2
Queen's University
3.2
3
McGill University
3.0
Rank
Comprehensive
%
1
University of Windsor
3.2
2
University of Victoria
3.0
3
Simon Fraser University
2.8
Rank
Undergraduate
%
1
Trent University
3.5
2
Ontario Tech University
2.8
3
Lakehead University
0.8
International Government Research Income Growth
(% Change FY2023-FY2024)
Rank
Medical
%
1
University of Saskatchewan
188.1
2
University of Ottawa
123.3
3
Université Laval
58.7
Rank
Comprehensive
%
1
York University
70.6
2
University of Victoria
32.2
3
University of Waterloo
27.8
Rank
Undergraduate
%
1
Trent University
402.9
2
Ontario Tech University
19.7
Notes:
Based on full-service universities on the 2025 Top 50 Research Universities list, and reported research income in the form of a grant or contract from corporate, not-for-profit and international government sources in Fiscal 2024.
Apparent ties due to rounding.
Faculty research intensity
In Fiscal 2024, faculty research intensity - research income per faculty position - was $237,200, up 2.9% from Fiscal 2023. The leading full-service university winners included: University of Toronto (Medical), which topped the ranking for faculty research intensity ($565,700) and was joined by other tier Leaders: University of Victoria (Comprehensive, $215,900) and Université du Québec à Rimouski (Undergraduate, $166,900).
Graduate student research intensity
Graduate student research intensity - research income per graduate student - averaged $42,700 in Fiscal 2024, compared to $41,300 in Fiscal 2023.
Category winners among the full-service universities were: University of Saskatchewan (Medical, $85,300), University of Guelph (Comprehensive, $56,000) and University of Winnipeg (Undergraduate, $51,400).
Provincial performance
In Fiscal 2024, 18 Ontario universities attracted 39% ($3.90 billion) of the national research income total, up 2.5% from Fiscal 2023. Quebec's 14 institutions garnered 28% ($2.82 billion) of the Top 50 total, up 6.7% from the year prior. Three Alberta universities had 12% of research income ($1.18 billion), down -0.6%. British Columbia's four institutions attracted 11% of all research income ($1.09 billion), up 6.5%.
Research Universities of the Year
Research Infosource has designated three institutions as Research Universities of the Year 2025 in their respective categories: University of Toronto (Medical), University of Waterloo (Comprehensive) and Ontario Tech University (Undergraduate). These institutions demonstrated superior performance on key measures of research success.
This year and next
Research income expanded by a respectable 4.8% overall in Fiscal 2024. The spoils were not evenly distributed however. While Total Government funding held steady, growing by 3.0%, Total Non-Government funding - although representing a smaller portion of the total - more than doubled it (up 7.8%). Federal Government research funding was up 3.4% (an improvement over Fiscal 2023 and Fiscal 2022), while Provincial Governments support rose only 1.1% in Fiscal 2024, lower than its growth of 12.5% and 5.6% of Fiscal 2023 and Fiscal 2022 respectively. Total Non-Government funding too was mixed. Research funding from Corporate sources was flat, up by only a disappointing 0.7%, while Not-for-Profit funding was up 9.8%.
Under the current barrage of bad political, fiscal and economic news, it is hard to be optimistic about the funding prospects of the university research sector next year. Cutbacks in the U.S. will certainly be felt here too. Circumstances are further complicated by an expected disruption in foreign graduate student enrolment. "Batten down the hatches" is the watchword.
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