Chang died over the weekend, the school has confirmed.
Born in Kingston, Jamaica, Chang came to Canada as a young man, where he came to study. He went on to become a successful accountant and businessman.
Chang served as Ryerson's chancellor from 2006 to 2012. He donated $5 million to the school for lifelong learning and his name now appears on its school of continuing education.
Ryerson University president Sheldon Levy said that Chang's death is "a tremendous loss for our university and the many thousands of people whose lives Ray touched in his remarkable time with us."
Up until his death, Chang had served as a director of CI Financial Corp., a wealth-management company he had spent three decades with.
Stephen A. MacPhail, the president and chief executive officer of CI Financial, sent a note to staff on Monday, notifying them of Chang's passing.
Praising Chang's work at CI Financial, MacPhail also wrote about the ways he sought to reach out to others and his support for education.
"Ray was a generous man with his time and charitable activities, always looking to help where he could give others a better opportunity in life," MacPhail said.
Chang had been named as an officer of the Order of Canada just weeks before his death.