Truth and reconciliation is a national statutory holiday in Canada, and mostly federally regulated employees in places such as public sectors, banks, Via Rail, Post offices gets a paid holiday.
People who falls outside of federal regulated employees category most probably won't get paid for taking the day off. Other Business and institutions can make their own decisions whether to give their employees the day off or not.
However, Ontario, Saskatchewan, Alberta, Quebec, New Brunswick, Yukon, Nunavut chose not to observe the national statutory holiday and schools, Malls, Private business with reduced hours will remain open. Only federally regulated businesses and institutions will close nation wide. Provinces like British Columbia, Manitoba, Nova Scotia, and the Northwest Territories, Prince Edward Island are observing the federal holiday.
Truth and Reconciliation day was created to bring awareness to the Canadian people about the legacy of the residential school systems in Canadian History. It brings memory to alive of the death of many children, while attending residential schools and how it affected the survivors, families and communities till this day. Many indigenous children were forced to attend residential school in the past and many of those children would not make it back home.
This day bring forth the truth about what happened in the residential schools and how hundreds of burial sites likely of those children were uncovered in Kamloops, British Columbia. It is an ongoing reconciliation process for people affected by this unfortunate events. This is the right step for Canada to recognize her past action and make attempts to reconcile with the affected people and communities.