It seems like a good deal. Carleton is around 10k to 12k CA a year in fees. So let's say 40k total for the accelerated program. That leaves 120k for about 4500 hours, averaging out to about 27 an hour. Sure that's not competitive with top paying cs internships. But they get a free cs degree, come out with significant work experience, and get offered this with little to no programming experience.
From https://devdegree.ca/pages/student-experience. It appears that you dont get paid 40k. 40k per year is the total they will expend on you, with tuition being part of that.