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HomeNewsFederal Wage Subsidy could be billions cheaper than previously thought

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 ***

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