Ss. 125.7(14) and (14.1) could require exchange-listed eligible entities to repay all or part of the CEWS they had received based inter alia on the excess of their executive remuneration over the 2019 base level.
CRA concluded that the “executive remuneration” (as defined in para. (a) of the definition in s. 125.7(1)) of an eligible entity was the total amount of compensation that is reported in the eligible entity's Statement of Executive Compensation for Named Executive Officers filed pursuant to National Instrument 51-102 without adjustment - so that, contrary to the eligible entity’s submission to CRA, this amount could include compensation for more than five Named Executive Officers.