'Nobody wants to pay this money': City of Regina dipping into reserves to pay EDR, REAL CRA debts
CTV
The City of Regina is dipping into its reserve funds to repay the Canada Revenue Agency (CRA) for wage subsidies two city-owned groups received during the COVID-19 pandemic.
The City of Regina is dipping into its reserve funds to repay the Canada Revenue Agency (CRA) for wage subsidies two city-owned groups received during the COVID-19 pandemic.
Regina Exhibition Association Ltd. (REAL) and Economic Development Regina (EDR) both applied for and received the Canada Emergency Wage Subsidy (CEWS) in 2020.
“Board and management at that time were making decisions in a very uncertain environment,” EDR CEO Chris Lane told council Wednesday. “The CRA is now making decisions in hindsight.”
“We used these funds in good faith to retain staff on our payroll,” said acting CEO for REAL, Roberta Engel.
CEWS was created by the CRA to assist organizations who were seeing decreased revenues in paying employees while restrictions were in place.
REAL received just over $6.5 million during the pandemic while EDR was granted about $667,000.
The CRA audited organizations who received the funds last year and determined neither REAL nor EDR were eligible to receive the grant. Both organizations must now repay the loans with interest.
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