Canada’s budget investments in universities welcomed by University of Ontario Institute of Technology

The 2016 federal budget promises significant investments in Canada’s university sector that will strengthen the capacity of Ontario’s universities. Many of the budget’s initiatives will also enhance the already considerable economic impact of the University of Ontario Institute of Technology (UOIT) in Durham Region and Northumberland County.

Finance Minister Bill Morneau introduced Canada’s budget in the House of Commons on March 22, announcing a number of new programs and enhanced investments in Canada’s universities.

A new $2-billion Postsecondary Institutions Strategic Investment Fund aims to enhance and modernize university research and commercialization facilities. The budget also boosted Canada’s research granting councils by $95-million, funding that will encourage even more innovative research by UOIT’s top professors. The federal budget offered enhancements to the Canada Student Loans Program, and also introduced a new initiative that will expand work-integrated learning.

“This is extremely good news on a range of fronts, from infrastructure investments to research funding,” said Tim McTiernan, President and Vice-Chancellor. “The federal budget’s emphasis on universities shows that Ottawa understands the importance of post-secondary education in our local economies and communities.”

“This budget provides the research granting councils with the largest single increase in over a decade,” said Michael Owen, Vice-President Research, Innovation and International. “It will allow universities in Canada to sustain their global reputation for quality and excellence.”

In 2014-2015 alone, spending undertaken by the University of Ontario Institute of Technology is estimated to have contributed $204.7 million to Ontario’s economy and generated and supported 1,949 jobs across the province. More than two thirds of these jobs are in Durham Region and Northumberland County.

The federal government’s website contains more details on the 2016 Budget.

Media contact
Bryan Oliver
Communications and Marketing
University of Ontario Institute of Technology
905.721.8668 ext. 6709
289.928.3653 (cell)
bryan.oliver@uoit.ca