Ottawa wrote off $4.5B in COVID benefit repayments last year: auditor general
The federal government wrote off $4.5 billion in COVID-19 benefits last year, according to an audit by Canada's Office of the Auditor General. The amount represents a significant increase from $26 million in the previous year. These benefits were intended to be repaid, but the government is now writing off debts it expects will not be repaid.
The audit also reveals that Ottawa anticipates a larger portion of business loans from the pandemic's Canada Emergency Business Account will not be repaid. The government's allowance for potential losses on these loans has risen to $5.6 billion, out of a total $7.2 billion in loans currently outstanding.
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