Budget Implementation Act, 2005 (S.C. 2005, c. 30)
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Assented to 2005-06-29
PART 9ASIA-PACIFIC FOUNDATION OF CANADA
R.S., c. A-13Asia-Pacific Foundation of Canada Act
Marginal note:1992, c. 1, s. 8
69. Sections 18 and 19 of the French version of the Act are replaced by the following:
Marginal note:Choix au sein du conseil
18. Si le président de la Fondation est choisi parmi les membres du conseil, un autre administrateur peut être nommé à sa place en conformité avec les alinéas 9a) ou b), selon le cas.
Marginal note:Durée du mandat
19. La durée maximale du mandat du président de la Fondation est de trois ans, mais le conseil peut à tout moment le démettre de ses fonctions.
70. Section 20 of the Act is replaced by the following:
Marginal note:Re-appointment
20. A President whose term of office has expired is eligible for re-appointment in that capacity but no person may be appointed as President more than three times.
71. Sections 21 to 23 of the French version of the Act are replaced by the following:
Marginal note:Président intérimaire
21. En cas d’absence ou d’empêchement du président de la Fondation ou de vacance de son poste, le conseil peut autoriser un administrateur ou tout dirigeant ou employé de la Fondation à assurer l’intérim.
INDEMNITÉS ET FRAIS
Marginal note:Président du conseil et autres administrateurs
22. Le président du conseil et les autres administrateurs, sauf le président de la Fondation, n’ont droit à aucune rémunération mais peuvent recevoir des frais de déplacement et de séjour, fixés par règlement administratif, pour leur participation aux activités de la Fondation hors de leur lieu habituel de résidence.
Marginal note:Président de la Fondation
23. Le président de la Fondation reçoit la rémunération et les frais fixés par le conseil.
72. The Act is amended by adding the following after section 25:
Marginal note:Audit and evaluation committee
25.1 (1) The Board shall appoint an audit and evaluation committee consisting of not fewer than three directors and fix the duties and functions of the committee and may, by by-law, provide for the payment of expenses to the members of the committee.
Marginal note:Internal audit
(2) In addition to any other duties and functions that it is required to perform, the audit and evaluation committee shall cause internal audits to be conducted to ensure compliance by the officers and employees of the Foundation with management systems and controls established by the Board.
73. Section 27 of the Act is replaced by the following:
Marginal note:Not agent of Her Majesty
27. The Foundation is not an agent of Her Majesty and the Chairperson, the President and the other directors, as well as the officers and employees of the Foundation are not, by virtue of their office or employment, part of the public service of Canada.
Marginal note:Foundation not owned by Crown
27.1 For greater certainty, the Foundation is not, for the purposes of Part X of the Financial Administration Act or for any other purpose, to be considered to be wholly owned directly by Her Majesty in right of Canada.
Marginal note:1995, c. 5, par. 25(1)(a)
74. Sections 31 and 32 of the Act are repealed.
75. Section 33 of the Act is replaced by the following:
Marginal note:Grants, contributions and donations
33. (1) Subject to subsection (3), the Foundation may accept grants, contributions and conditional or unconditional donations of money from any person, including the Government of Canada and the government of a province.
Marginal note:Use of grants, contributions and donations
(2) All grants, contributions and donations of money received by the Foundation, and any income arising from the investment of those grants, contributions and donations, shall be used by the Foundation in fulfilling its purpose and in accordance with the terms and conditions of any agreement for the provision of funding.
Marginal note:Conditional grants, contributions and donations
(3) The Foundation may not accept a grant, contribution or donation of money that is made on the condition that the Foundation use the grant, contribution or donation, or any income arising from it, for any purpose that is not consistent with the purpose of the Foundation.
Marginal note:Investment policies
33.1 The Board shall establish investment policies, standards and procedures that a reasonably prudent person would apply in respect of a portfolio of investments to avoid undue risk of loss and obtain a reasonable return, having regard to the Foundation’s obligations and anticipated obligations.
Marginal note:Investments
33.2 (1) Subject to any conditions of a grant, contribution or donation restricting the investment of money, the Foundation shall invest its funds, and reinvest any income from those funds, in accordance with the investment policies, standards and procedures established by the Board.
Marginal note:Incorporation of other corporations
(2) The Foundation may not, without the prior written authorization of the Minister, cause any corporation to be incorporated or participate in the incorporation of a corporation or become a partner in a partnership.
76. Section 34 of the Act and the heading before it are replaced by the following:
WINDING-UP
Meaning of “eligible recipient”
34. (1) In this section, “eligible recipient” means an entity that
(a) is established in Canada;
(b) meets the criteria of eligibility established by the Foundation in accordance with any agreement entered into between Her Majesty in right of Canada and the Foundation for the provision of funding by Her Majesty in right of Canada to the Foundation; and
(c) has legal capacity or is composed of organizations each of which has legal capacity.
Marginal note:Property to be divided
(2) If the Foundation is wound up or dissolved
(a) its property remaining after its debts and obligations have been satisfied shall be liquidated;
(b) the moneys arising from the liquidation shall be distributed among all the eligible recipients that have received funding from the Foundation and that are, as of the day the distribution begins, carrying on projects that are consistent with the purpose of the Foundation, to be used by them for those or any other projects that are so consistent; and
(c) each of those eligible recipients shall receive an amount that is the same proportion of the moneys arising from the liquidation as the total funding received by that eligible recipient from the Foundation is of the total of all funding that has been provided by the Foundation to all of those eligible recipients.
Marginal note:Repayment out of remaining property
(3) Despite subsection (2), the Minister may require the Foundation to repay, out of the moneys arising from the liquidation, to the Receiver General for credit to the Consolidated Revenue Fund any amount that is so repayable under the terms or conditions on which public moneys were provided to the Foundation.
77. Section 35 of the Act is replaced by the following:
Marginal note:Auditor
35. (1) The Board shall appoint an auditor for the Foundation and fix the auditor’s remuneration.
Marginal note:Qualifications of auditor
(2) In order to be appointed, the auditor must be
(a) a natural person who
(i) is a member in good standing of an institute or association of accountants incorporated by or under an Act of the legislature of a province,
(ii) has at least five years experience at a senior level in carrying out audits,
(iii) is ordinarily resident in Canada, and
(iv) is independent of the Board, the directors, the officers and, if any, the members of the Foundation; or
(b) a firm of accountants of which the member or employee, jointly designated by the Board and the firm to conduct the audit of the books and records of the Foundation on behalf of the firm, meets the qualifications set out in paragraph (a).
Marginal note:Audit
35.1 The accounts and financial transactions of the Foundation shall be audited annually and a report of the audit shall be made to the Board.
78. Section 36 of the Act is replaced by the following:
Marginal note:Annual report
36. (1) The Board shall, within four months after the end of each fiscal year of the Foundation, submit to the Minister a report, in both official languages, of the activities of the Foundation for that year. The report shall include
(a) the financial statements of the Foundation for that year, prepared in accordance with generally accepted accounting principles, and the auditor’s report on those financial statements;
(b) a detailed statement of its investment activities during that year and its investment portfolio as at the end of that year;
(c) a detailed statement of its funding activities;
(d) a statement of its plans for fulfilling its purpose for the next fiscal year; and
(e) an evaluation of the overall results achieved by the Foundation.
Marginal note:Tabling in Parliament
(2) The Minister shall cause a copy of the report to be laid before each House of Parliament on any of the first 15 days on which that House is sitting after the Minister receives it.
Marginal note:Making report available
(3) The Board shall, as soon as is practicable after it is tabled under subsection (2), make the report available for public scrutiny.
79. Section 37 of the Act is replaced by the following:
Marginal note:Review
37. (1) The Board shall, within five years after the coming into force of this section and every five years after that, review the Foundation’s activities and organization and submit a report to the Minister on the activities and organization, including a statement of any changes the Board recommends.
Marginal note:Tabling in Parliament
(2) The Minister shall cause a copy of the report to be laid before each House of Parliament on any of the first 15 days on which that House is sitting after the Minister receives it.
Marginal note:Replacement of “Chairman” and “Vice-Chairman”
80. The English version of the Act is amended by replacing the expressions “Chairman” and “Vice-Chairman” with the expressions “Chairperson” and “Vice-Chairperson”, respectively, wherever they occur in the following provisions:
(a) sections 12 to 14;
(b) section 16; and
(c) section 22.
Coordinating Amendments
Marginal note:2003, c. 22
81. (1) On the later of the coming into force of section 67 of this Act and section 224 of the Public Service Modernization Act, chapter 22 of the Statutes of Canada, 2003 (in this section referred to as the “other Act”), section 16.1 of the English version of the Asia-Pacific Foundation of Canada Act is replaced by the following:
Marginal note:Directors without voting rights
16.1 A director who is part of the federal public administration does not have the right to vote on any matter before the Board or a committee of the Board.
(2) On the later of the coming into force of section 73 of this Act and section 224 of the other Act, section 27 of the English version of the Asia-Pacific Foundation of Canada Act is replaced by the following:
Marginal note:Not agent of Her Majesty
27. The Foundation is not an agent of Her Majesty and the Chairperson, the other directors, the President and the officers and employees of the Foundation are not, by virtue of their office or employment, part of the federal public administration.
PART 101998, c. 21AMENDMENT TO THE BUDGET IMPLEMENTATION ACT, 1998
Marginal note:2001, c. 27, s. 207
82. Paragraph 27(1)(a) of the Budget Implementation Act, 1998 is replaced by the following:
(a) are Canadian citizens or permanent residents within the meaning of subsection 2(1) of the Immigration and Refugee Protection Act or protected persons within the meaning of subsection 95(2) of that Act;
PART 11PAYMENTS FOR INFRASTRUCTURE
Marginal note:Payments for infrastructure
83. For the fiscal year 2005-2006, pursuant to the Government of Canada’s five-year initiative commonly known as “A New Deal for Cities and Communities”, the Minister of State (Infrastructure and Communities) may, subject to the terms and conditions approved by the Treasury Board, make payments from and out of the Consolidated Revenue Fund in an aggregate amount of not more than six hundred million dollars to provinces, territories and first nations for the purpose of providing funding to municipal and regional governments and related entities, including transit authorities and commissions and first nation communities, for environmentally sustainable infrastructure projects.
Marginal note:Agreement
84. (1) The Minister of State (Infrastructure and Communities) shall not make a payment to a province, territory or first nation under section 83 unless the Government of Canada has entered into an agreement with the recipient province, territory or first nation.
Marginal note:Direct payments
(2) The Minister of State (Infrastructure and Communities) may, at the request of a provincial or territorial government, make payments under section 83 directly to a municipality, a municipal association or a provincial, territorial or municipal entity.
PART 12NOVA SCOTIA AND NEWFOUNDLAND AND LABRADOR ADDITIONAL FISCAL EQUALIZATION OFFSET PAYMENTS
Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act
85. The Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act is enacted as follows:
An Act respecting additional fiscal equalization offset payments for Nova Scotia and Newfoundland and Labrador relating to revenues from offshore petroleum resources
SHORT TITLE
Marginal note:Short title
1. This Act may be cited as the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act.
INTERPRETATION
Marginal note:Definitions
2. The following definitions apply in this Act.
“Canada–Newfoundland and Labrador Arrangement”
« Entente Canada – Terre-Neuve-et- Labrador »
“Canada–Newfoundland and Labrador Arrangement” means the Arrangement between the Government of Canada and the Government of Newfoundland and Labrador on Offshore Revenues signed on February 14, 2005.
“Canada–Nova Scotia Arrangement”
« Entente Canada – Nouvelle-Écosse »
“Canada–Nova Scotia Arrangement” means the Arrangement between the Government of Canada and the Government of Nova Scotia on Offshore Revenues signed on February 14, 2005.
“Minister”
« ministre »
“Minister” means the Minister of Finance.
PURPOSE
Marginal note:Purpose of the Act
3. The purpose of this Act is to implement the Canada–Newfoundland and Labrador Arrangement and the Canada–Nova Scotia Arrangement.
PART 1ADDITIONAL FISCAL EQUALIZATION OFFSET PAYMENTS FOR NOVA SCOTIA
Marginal note:Definitions
4. The following definitions apply in this Part.
“additional fiscal equalization offset payment”
« paiement de péréquation compensatoire supplémentaire »
“additional fiscal equalization offset payment” means the payment that may be made under section 6, 7 or 12.
“fiscal equalization offset payment”
« paiement de péréquation compensatoire »
“fiscal equalization offset payment” means the fiscal equalization offset payment that may be made to the Province for a fiscal year under Part V of the Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation Act.
“fiscal equalization payment”
« paiement de péréquation »
“fiscal equalization payment” means the fiscal equalization payment that may be made to the Province for a fiscal year under Part I of the Federal-Provincial Fiscal Arrangements Act.
“offshore revenue”
« recettes extracôtières »
“offshore revenue” in respect of any fiscal year means the aggregate of the following amounts paid to the Province for that fiscal year:
(a) amounts paid under paragraph 219(2)(b) of the Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation Act;
(b) amounts paid with respect to the portion of tax under subsection 165(2) and sections 218.1, 220.05, 220.06 and 220.08 of the Excise Tax Act that is attributable to offshore activity in the Nova Scotia offshore area, within the meaning of subsection 123(1) of that Act; and
(c) amounts paid with respect to tax that would be payable under Part III of the Income Tax Act (Nova Scotia), R.S.N.S. 1989, c. 217, as amended from time to time, on taxable capital of a corporation employed in the offshore area within the meaning of section 2 of the Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation Act if that area were in the land portion of the Province, unless those amounts have been included in paragraph (a).
“petroleum”
« hydrocarbures »
“petroleum” has the same meaning as in section 2 of the Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation Act.
“Province”
Marginal note:Version anglaise seulement
“Province” means the Province of Nova Scotia.
Marginal note:Payment of $830 million
5. The Minister shall make a payment to the Province in the amount of $830 million, to allow the Province to reduce its outstanding debt.
Marginal note:Additional fiscal equalization offset payment of $30.5 million
6. (1) For the 2004-2005 fiscal year, the Minister shall make an additional fiscal equalization offset payment to the Province in the amount of $30.5 million.
Marginal note:Additional fiscal equalization offset payment of $26.6 million
(2) For the 2005-2006 fiscal year, the Minister shall make an additional fiscal equalization offset payment to the Province in the amount of $26.6 million.
Marginal note:Additional fiscal equalization offset payments for the 2006-2012 period
7. For each fiscal year between April 1, 2006 and March 31, 2012, the Minister shall make an additional fiscal equalization offset payment to the Province calculated in accordance with section 8.
Marginal note:Calculation of payments
8. The additional fiscal equalization offset payment that shall be made to the Province for a fiscal year corresponds to the amount determined by the Minister in accordance with the formula
(A - B) - C
where
- A
- is the fiscal equalization payment that may be made to the Province for the fiscal year under the equalization formula in effect at that time, calculated as if the Province did not have any offshore revenue or petroleum production;
- B
- is the fiscal equalization payment that may be made to the Province for that fiscal year under the equalization formula in effect at that time; and
- C
- is the fiscal equalization offset payment for that fiscal year.
Marginal note:Restriction
9. Despite any other provision of this Act, no payment shall be made under sections 6 to 8 except to the extent that the aggregate of the payments determined under those sections for the fiscal year and the preceding applicable fiscal years exceeds $830 million.
Marginal note:Restriction
10. For any given fiscal year between April 1, 2006 and March 31, 2012, the Province will not receive the additional fiscal equalization offset payment provided for in section 7 if it does not receive a fiscal equalization payment for that fiscal year.
Marginal note:Transitional payments for the 2006-2011 period
11. (1) For each fiscal year between April 1, 2006 and March 31, 2011 in which the Province does not receive a fiscal equalization payment, the Minister shall make a transitional payment to the Province equal in amount to the sum that would be payable, under section 219 of the Canada–Newfoundland Atlantic Accord Implementation Act, and that would be determined, under section 220 of that Act, as if those sections applied to that Province’s offshore revenue.
Marginal note:Transitional payment for 2011-2012
(2) If the Province does not receive a fiscal equalization payment for the 2011-2012 fiscal year, the Minister shall make a transitional payment equal in amount to the sum that would be payable, under section 219 of the Canada–Newfoundland Atlantic Accord Implementation Act, and that would be determined, under section 220 of that Act, as if those sections applied to that Province’s offshore revenue and the amount determined in accordance with paragraph 220(b) of that Act is equal to zero.
Marginal note:First fiscal year of production
(3) For the purpose of this section, the first fiscal year of offshore production is the fiscal year beginning on April 1, 1999.
Marginal note:Additional fiscal equalization offset payments for the 2012-2020 period
12. (1) For any fiscal year between April 1, 2012 and March 31, 2020, the Minister shall make additional fiscal equalization offset payments to the Province, determined in accordance with the formula set out in section 8 if
(a) the Province qualified for a fiscal equalization payment in the 2010-2011 or 2011-2012 fiscal year;
(b) the Province’s per capita net debt as of March 31, 2012 was not lower than that of at least four other provinces; and
(c) the Province receives a fiscal equalization payment for that fiscal year.
Marginal note:Determination of per capita net debt
(2) For the purpose of paragraph (1)(b), “per capita net debt” for a province as of March 31, 2012 means the amount determined by the Minister in accordance with the regulations.
Marginal note:Restriction
13. For greater certainty, if the Province does not meet the conditions set out in paragraphs 12(1)(a) and (b), it will not receive the additional fiscal equalization offset payment provided for in section 12 for any of the fiscal years between April 1, 2012 and March 31, 2020.
Marginal note:Transitional payments for the 2012-2020 period
14. (1) If for any fiscal year between April 1, 2012 and March 31, 2020 the Province does not receive an additional fiscal equalization offset payment but it received an additional fiscal equalization offset payment for the previous fiscal year, the Minister shall, for that fiscal year, pay to the Province a transitional payment equal to two thirds of the additional fiscal equalization offset payment it received for the previous fiscal year.
Marginal note:Transitional payments for the 2012-2020 period
(2) If for any fiscal year between April 1, 2012 and March 31, 2020 the Province does not receive an additional fiscal equalization offset payment and did not receive an additional fiscal equalization offset payment for the previous fiscal year, but received an additional fiscal equalization offset payment for the fiscal year two years before that fiscal year, the Minister shall, for that fiscal year, pay to the Province a transitional payment equal to one third of the additional fiscal equalization offset payment it received for the fiscal year two years before that fiscal year.
Marginal note:Review of the Canada–Nova Scotia Arrangement
15. On or before March 31, 2019, the Minister, on behalf of the Government of Canada, and the minister designated by the Province for the purpose will review the Canada–Nova Scotia Arrangement in accordance with clause 8 of that Arrangement.
Marginal note:Discussions
16. The Government of Canada shall enter into discussions with the Province if requested to do so by the Province under the terms of clause 9 of the Canada–Nova Scotia Arrangement.
Marginal note:Determination
17. A determination, for any fiscal year, of the additional fiscal equalization offset payment for the Province and for any other calculation that is necessary for the purposes of this Part shall be made by the Minister at the same time as the final computation of the amount, if any, of the fiscal equalization payment that is payable to the Province is made for that fiscal year under Part I of the Federal-Provincial Fiscal Arrangements Act.
PART 2ADDITIONAL FISCAL EQUALIZATION OFFSET PAYMENTS FOR NEWFOUNDLAND AND LABRADOR
Marginal note:Definitions
18. The following definitions apply in this Part.
“additional fiscal equalization offset payment”
« paiement de péréquation compensatoire supplémentaire »
“additional fiscal equalization offset payment” means the payment that may be made under section 20, 21 or 26.
“fiscal equalization offset payment”
« paiement de péréquation compensatoire »
“fiscal equalization offset payment” means the fiscal equalization offset payment that may be made to the Province for a fiscal year under Part V of the Canada–Newfoundland Atlantic Accord Implementation Act.
“fiscal equalization payment”
« paiement de péréquation »
“fiscal equalization payment” means the fiscal equalization payment that may be made to the Province for a fiscal year under Part I of the Federal-Provincial Fiscal Arrangements Act.
“offshore revenue”
« recettes extracôtières »
“offshore revenue”, in respect of any fiscal year, means the aggregate of the following amounts paid to the Province for that fiscal year:
(a) amounts paid under paragraph 214(2)(b) of the Canada-Newfoundland Atlantic Accord Implementation Act;
(b) amounts paid with respect to the portion of tax under subsection 165(2) and sections 218.1, 220.05, 220.06 and 220.08 of the Excise Tax Act that is attributable to offshore activity in the Newfoundland offshore area, within the meaning of subsection 123(1) of that Act; and
(c) the royalties paid under the Hibernia Development Project Royalty Agreement signed on September 1, 1990, as amended from time to time.
“petroleum”
« hydrocarbures »
“petroleum” has the same meaning as in section 2 of the Canada–Newfoundland Atlantic Accord Implementation Act.
“Province”
Marginal note:Version anglaise seulement
“Province” means the Province of Newfoundland and Labrador.
Marginal note:Payment of $2 billion
19. The Minister shall make a payment to the Province in the amount of $2 billion to allow the Province to reduce its outstanding debt.
Marginal note:Additional fiscal equalization offset payment of $133.6 million
20. (1) For the 2004-2005 fiscal year, the Minister shall make an additional fiscal equalization offset payment to the Province in the amount of $133.6 million.
Marginal note:Additional fiscal equalization offset payment of $188.7 million
(2) For the 2005-2006 fiscal year, the Minister shall make an additional fiscal equalization offset payment to the Province in the amount of $188.7 million.
Marginal note:Additional fiscal equalization offset payment for the 2006-2012 period
21. For each fiscal year between April 1, 2006 and March 31, 2012, the Minister shall make an additional fiscal equalization offset payment to the Province calculated in accordance with section 22.
Marginal note:Calculation of payments
22. The additional fiscal equalization offset payment that shall be made to the Province for a fiscal year corresponds to the amount determined by the Minister in accordance with the formula
(A - B) - C
where
- A
- is the fiscal equalization payment that may be made to the Province for the fiscal year under the equalization formula in effect at that time, calculated as if the Province did not have any offshore revenue or petroleum production;
- B
- is the fiscal equalization payment to the Province for that fiscal year under the equalization formula in effect at that time; and
- C
- is the fiscal equalization offset payment for that fiscal year.
Marginal note:Restriction
23. Despite any other provision of this Act, no payment shall be made under sections 20 to 22 by the Minister to the Province except to the extent that the aggregate of the payments determined under those sections for the fiscal year and the preceding applicable fiscal years exceeds $2 billion.
Marginal note:Restriction
24. For any given fiscal year between April 1, 2006 and March 31, 2012, the Province will not receive the additional fiscal equalization offset payment provided for in section 21 if it does not receive a fiscal equalization payment for that fiscal year.
Marginal note:Transitional payments for 2011-2012
25. If the Province does not receive a fiscal equalization payment for the 2011-2012 fiscal year, the Minister shall make a transitional payment equal in amount to the sum that would be payable under section 219 of the Canada–Newfoundland Atlantic Accord Implementation Act, and that would be determined, under section 220 of that Act, as if those sections applied to that fiscal year and the amount determined in accordance with paragraph 220(b) of that Act is equal to zero.
Marginal note:Additional fiscal equalization offset payments for the 2012-2020 period
26. (1) For any fiscal year between April 1, 2012 and March 31, 2020, the Minister shall make additional fiscal equalization offset payments to the Province, determined in accordance with the formula set out in section 22, if
(a) the Province qualified for a fiscal equalization payment in either of the 2010-2011 or 2011-2012 fiscal years;
(b) the Province’s per capita debt servicing charges as of March 31, 2012 were not lower than those of at least four other provinces; and
(c) the Province receives a fiscal equalization payment for that fiscal year.
Marginal note:Determination of per capita debt servicing charge
(2) For the purpose of paragraph (1)(b), “per capita debt servicing charges” as of March 31, 2012, means the amount determined by the Minister in accordance with the formula
(A - B - C + D) / E
where
- A
- is the total of a province’s debt servicing charges for the 2011-2012 fiscal year, based on figures published in the fully consolidated audited financial statements presented on a full accrual basis of accounting in the province’s Public Accounts for the 2011-2012 fiscal year, with any necessary adjustments, as required, to include all of the debt charges related to unfunded pension liabilities, post-employment benefits and debt charges of government organizations and entities whose inclusion would be consistent with the accounting principles of full consolidation;
- B
- is the portion of A, if any, related to borrowings made by a province on behalf of self-supporting government business enterprises that are not dependent on transfers, grants or other direct funding from the province to fund their day-to-day operations or debt repayments;
- C
- is the portion of A, if any, related to borrowings made by a province on behalf of municipalities that are not in default on their interest payment obligations to the province;
- D
- is the total of a province’s debt servicing charges for the 2011-2012 fiscal year related to borrowings made by the province on behalf of municipalities that are in default on their interest payment obligations to the province, if these are not already included in A; and
- E
- is the total population of a province on July 1, 2011 based on the latest Statistics Canada official estimates available as soon as all provinces have released their Public Accounts for the 2011-2012 fiscal year.
Marginal note:Restriction
27. For greater certainty, if the Province does not meet the conditions set out in paragraphs 26(1)(a) and (b), it will not receive the additional fiscal equalization offset payment provided for in section 26 for any of the fiscal years between April 1, 2012 and March 31, 2020.
Marginal note:Transitional payments for the 2012-2020 period
28. (1) If for any fiscal year between April 1, 2012 and March 31, 2020 the Province does not receive an additional fiscal equalization offset payment but it received an additional fiscal equalization offset payment for the previous fiscal year, the Minister shall, for that fiscal year, pay to the Province a transitional payment equal to two thirds of the additional fiscal equalization offset payment it received for the previous fiscal year.
Marginal note:Transitional payments for 2012-2020 period
(2) If for any fiscal year between April 1, 2012 and March 31, 2020 the Province does not receive an additional fiscal equalization offset payment and did not receive an additional fiscal equalization offset payment for the previous fiscal year, but received an additional fiscal equalization offset payment for the fiscal year two years before that fiscal year, the Minister shall, for that fiscal year, pay to the Province a transitional payment equal to one third of the additional fiscal equalization offset payment it received for the fiscal year two years before that fiscal year.
Marginal note:Review of the Canada–Newfoundland and Labrador Arrangement
29. On or before March 31, 2019, the Minister, on behalf of the Government of Canada, and the minister designated by the Province for the purpose will review the Canada–Newfoundland and Labrador Arrangement, in accordance with clause 8 of that Arrangement.
Marginal note:Discussions
30. The Government of Canada shall enter into discussions with the Province if requested to do so by the Province under the terms of clause 9 of the Canada–Newfoundland and Labrador Arrangement.
Marginal note:Determination
31. A determination, for any fiscal year, of the additional fiscal equalization offset payment for the Province and for any other calculation that is necessary to be made for the purposes of this Part shall be made by the Minister at the same time as the final computation of the amount, if any, of the fiscal equalization payment that is payable to the Province is made for that fiscal year under Part I of the Federal-Provincial Fiscal Arrangements Act.
PART 3GENERAL PROVISIONS
Marginal note:Appropriation
32. The amounts authorized to be paid under this Act shall be paid out of the Consolidated Revenue Fund by the Minister at the time and in the manner, subject to section 33, that the Minister considers appropriate.
Marginal note:Regulations
33. (1) The Governor in Council may make regulations, on the recommendation of the Minister,
(a) prescribing the time and manner of making any payments under this Act;
(b) respecting the determination of the amount referred to in subsection 12(2);
(c) respecting the determination of any matter that under this Act is to be determined by the Minister; and
(d) prescribing anything that is required or authorized to be prescribed by this Act.
Marginal note:Approval of the minister designated by the Province
(2) The Minister may recommend the making of a regulation under paragraph (1)(b) only after receipt by the Minister of the approval of the proposed regulation from the minister designated by the Province for that purpose.
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