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This is a relatively new holiday in Ontario called "Family Day". The provincial government promised an additional holiday in the last election and it was supposed to promote spending more time with your family.
There were already provincial specific holidays though and Ontario had less them some so most large companies evened out the benefits by giving "floater day holidays". A lot of people are not happy that they lost their summer floater day for a day off in the middle of February.
For me a bad holiday beats a good day at work.
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