The Regina Exhibition Association Limited is working on options of bill of $8M that is owed to the federal government following an audit from the CRA.
Last week, an internal document to the City of Regina showed that Regina Exhibition Association Limited will need to repay the government $8 million following an audit by the Canada Revenue Agency over the Canada Emergency Wage Subsidy.
REAL’s amount owing consists of the $6.5 million principle plus roughly $1.5 million in accrued interest in connection with the program, which saw the federal government provide assistance to businesses during the COVID-19 pandemic. In an email statement to Global News, REAL stated that it followed a defined due diligence process prior to applying for and subsequently receiving the subsidy.“Like many other organizations across Canada who applied and received this funding, we have been impacted by the Canada Revenue Agency audits,” the statement read. “We are working on options for repayment which will be brought forward for consideration.
“They were counting on that money, and they didn’t expect something like this to happen to them,” she said. “The wayAccording to the statement from REAL, as it continues to work on options for repayment, it will be brought forward to city council for consideration at the May 1 executive committee meeting.Spring housing market looms over the Bank of Canada’s rate decision.
Audit And Finance Committee City Of Regina Regina Exhibition Association Limited Canada
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