Once the provinces have determined how to distribute the study permits and the figures have been confirmed, we can say that the policy's introduction could result in a significant decline in the number of international students.
There could be a significant revenue loss for all our institutions, mainly those located in the provinces where the established cap results in specific consequences. I'm thinking here of Ontario, New Brunswick, Nova Scotia and British Columbia. Those are the provinces that Mr. Miller mentioned in his announcement.
However, there's no guarantee that the provinces where the number of study permits hasn't reached the established cap will continue issuing to francophone institutions a number of study permits equal to the number of permits currently issued to them.
Until we know what the provinces are planning to do about the allocation of study permits, we won't know what that means from a revenue standpoint for the institutions even in the provinces where the cap allows some leeway.
That's why we're saying there's a chance that all our institutions could suffer revenue losses in the very short term.