Budget Implementation Act, 2007 (S.C. 2007, c. 29)
Full Document:
Assented to 2007-06-22
79. The Act is amended by adding the following after section 220:
Definition of “average”
220.1 For the purposes of section 220, “average”, except within the expression “national average per capita fiscal capacity”, means a weighted average where the most recent fiscal year that is taken into account in the calculation of the fiscal equalization payment shall be weighted at 50% and each of the other two fiscal years that are taken into account in the calculation of the fiscal equalization payment shall be weighted at 25%.
80. Subsection 222(1) of the Act is replaced by the following:
Marginal note:Final determination
222. (1) The final determination, for any fiscal year, of the fiscal equalization offset payment for the Province, the per capita fiscal capacity for the Province and the national average per capita fiscal capacity shall be determined by the Federal Minister at the same time that the final computation of the amount, if any, of the fiscal equalization payment that is payable to a province is made for the fiscal year under Part I of the Federal-Provincial Fiscal Arrangements Act.
Marginal note:2005, c. 30, s. 85
Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act
81. The definition “fiscal equalization payment” in section 4 of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act is replaced by the following:
“fiscal equalization payment”
« paiement de péréquation »
“fiscal equalization payment” means
(a) for the purposes of section 8, the fiscal equalization payment that would be received by the Province for a fiscal year if the amount of that payment were determined in accord-ance with section 3.2 of the Federal-Provincial Fiscal Arrangements Act, without regard to section 3.4 of that Act; and
(b) for the purposes of sections 10 to 12, the fiscal equalization payment that would be received by the Province for a fiscal year under Part I of the Federal-Provincial Fiscal Arrangements Act if the Province’s total per capita fiscal capacity were the amount determined by the formula
A + B + (C / F)
where
- A,
- B, C and F have the same meaning as in the definition “total per capita fiscal capacity” in subsection 3.5(1) of that Act.
82. The definition “fiscal equalization payment” in section 18 of the Act is replaced by the following:
“fiscal equalization payment”
« paiement de péréquation »
“fiscal equalization payment” means
(a) for the purposes of section 22, the fiscal equalization payment that would be received by the Province for a fiscal year if the amount of that payment were determined in accord- ance with section 3.2 of the Federal-Provincial Fiscal Arrangements Act, without regard to section 3.4 of that Act; and
(b) for the purposes of sections 24 to 26, the fiscal equalization payment that would be received by the Province for a fiscal year under Part I of the Federal-Provincial Fiscal Arrangements Act if the Province’s total per capita fiscal capacity were the amount determined by the formula
A + B + (C / F)
where
- A,
- B, C and F have the same meaning as in the definition “total per capita fiscal capacity” in subsection 3.5(1) of that Act.
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