Federal Wage Subsidy could be billions cheaper than previously thought

Canada’s official fiscal watchdog says the federal wage subsidy program might cost $14-billion less than the government predicted.

A new report Thursday by the analyst from the Parliamentary Budget Office analyst estimates subsidizing wages for companies during the COVID-19 pandemic will cost $67.9 billion through the end of December.

Finance Minister Bill Morneau estimated in his July fiscal report it would cost $82.3 billion.

The analyst said that figure was prudent at the time because of economic uncertainty and ongoing work to update the program’s rules.

 

*** with files from Casey Kenny ***

Bradley Jones
Bradley Jones
Delivering local news and sports in the East Kootenay since April 2016, Bradley now calls Cranbrook home. Born and raised in Airdrie, AB, Bradley graduated from Lethbridge College, and has been a journalist, news anchor and reporter since 2014. Bradley took on local News Director responsibilities when he moved to Cranbrook in 2016. He is now Vista Radio's Kootenay News Director, managing and overseeing all news operations at the company's five regional radio stations in Cranbrook, Creston, Nelson, Castlegar, and Grand Forks.

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