An Act to implement certain provisions of the budget tabled in Parliament on March 23, 2004 (S.C. 2004, c. 22)

Assented to 2004-05-14

Canada Social Transfer

Marginal note:2003, c. 15, s. 8

 Subparagraphs 24.4(1)(a)(ii) and (iii) of the Act are replaced by the following:

  • (ii) $150 million for the fiscal year beginning on April 1, 2004,

  • (iii) $8.225 billion for the fiscal year beginning on April 1, 2005,

PART 21987, c. 3AMENDMENT TO THE CANADA-NEWFOUNDLAND ATLANTIC ACCORD IMPLEMENTATION ACT

 Section 220 of the Canada-Newfoundland Atlantic Accord Implementation Act is replaced by the following:

Marginal note:Calculation

220. The fiscal equalization offset payment that is to be paid to Her Majesty in right of the Province for a fiscal year pursuant to section 219 is the amount, as determined by the Federal Minister, equal to the aggregate of

  • (a) the amount, if any, by which

    • (i) the fiscal equalization payment that may be paid to Her Majesty in right of the Province for the fiscal year under Part I of the Fiscal Arrangements Act

    is less than

    • (ii) where the average of the per capita fiscal capacity of the Province for the fiscal years taken into account in the calculation of the fiscal equalization payment for that fiscal year is less than or equal to 70 per cent of the average, for those fiscal years, of the national average per capita fiscal capacity, 95 per cent,

    • (iii) where the average of the per capita fiscal capacity of the Province for the fiscal years taken into account in the calculation of the fiscal equalization payment for that fiscal year is less than or equal to 75 per cent but greater than 70 per cent of the average, for those fiscal years, of the national average per capita fiscal capacity, 90 per cent, or

    • (iv) where the average of the per capita fiscal capacity of the Province for the fiscal years taken into account in the calculation of the fiscal equalization payment for that fiscal year is greater than 75 per cent of the average, for those fiscal years, of the national average per capita fiscal capacity, 85 per cent

of the aggregate of the fiscal equalization payment that may be paid to Her Majesty in right of the Province under Part I of the Fiscal Arrangements Act for the fiscal year immediately preceding the fiscal year and the amount computed in accordance with this paragraph for the fiscal year immediately preceding the fiscal year, and

  • (b) the phaseout portion, in respect of the fiscal year, of the amount, as determined by the Federal Minister, by which

    • (i) the aggregate of the fiscal equalization payment that may be paid to Her Majesty in right of the Province under Part I of the Fiscal Arrangements Act for the fiscal year immediately preceding the fiscal year and the amount computed in accordance with paragraph (a) for the fiscal year immediately preceding the fiscal year

    is greater than

    • (ii) the aggregate of the fiscal equalization payment that may be paid to Her Majesty in right of the Province under Part I of the Fiscal Arrangements Act for the fiscal year and the amount computed in accordance with paragraph (a) for the fiscal year.