Since the turn of the 21st century, universities in Canada have undergone significant changes. Student enrollment has exploded. This issue of the Canadian Association of University Teachers (CAUT) Education Review provides an analysis of the current state of university finances in Canada, as well as longer-term trends in university revenues and expenditures since the beginning of the new millennium. The review addresses a number of key questions facing universities today: (1) What have been the key drivers affecting changes in revenues and expenditures?; (2) What is the share of public and private funding?; and (3) What changes have occurred in the compensation of academic staff and administrators?