Employers typically pay their salaried workers the same yearly amount, whether the calendar year has 365 or 366 days, unless the contract states otherwise. Rohith Krishnan, a senior tax associate in downtown Toronto, says salaried employees should be compensated for working an extra day during leap years. But for many, that extra work day adds up to hundreds of dollars. That means, with about 6.5 million salaried workers in this country — more than a third of Canada's workforce — employers could collectively save about $2 billion. It's not as straightforward for employees paid biweekly, especially since Feb. 29 lands on a weekday this year, which was not the case in 2020.

Source: CBC News February 28, 2024 15:21 UTC