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Federal-Provincial Fiscal Arrangements Act, 1972 (S.C. 1972, c. 8)

Act current to 2024-03-06

Federal-Provincial Fiscal Arrangements Act, 1972

S.C. 1972, c. 8

Assented to 1972-03-29

An Act to authorize the making of certain fiscal payments to provinces, to authorize the entry into tax collection agreements with provinces, and to amend the Established Programs (Interim Arrangements) Act

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Short Title

Marginal note:Short title

 This Act may be cited as the Federal-Provincial Fiscal Arrangements Act, 1972.

Interpretation

Marginal note:Definitions

 In this Act,

fiscal year

fiscal year means the period commencing with the 1st day of April in one year and ending with the 31st day of March in the next following year; (année financière)

former Act

former Act means the Federal-Provincial Fiscal Arrangements Act, chapter F-6 of the Revised Statutes of Canada, 1970; (ancienne loi)

Income Tax Act

Income Tax Act means the Income Tax Act of Canada; (Loi de l’impôt sur le revenu)

Minister

Minister means the Minister of Finance; (Ministre)

prescribed

prescribed means prescribed by the regulations; (prescrit)

province

province does not include the Northwest Territories or the Yukon Territory. (province)

PART IProvincial Revenue Equalization Payments

Marginal note:Provincial revenue equalization payments

 Subject to this Act, the Minister may pay to a province, for each fiscal year in the period commencing with the 1st day of April, 1972 and ending with the 31st day of March, 1977, a provincial revenue equalization payment not exceeding the amount computed in accordance with section 4.

Marginal note:Calculation of payments

  •  (1) The provincial revenue equalization payment that may be paid to a province for a fiscal year is an amount determined by the Minister in accordance with the following rules:

    • (a) determine the proportion, as a percentage, that the population of the province for the fiscal year is of the population of all the provinces for the fiscal year;

    • (b) determine the proportion, as a percentage, that the revenue base for each revenue source for the province for the fiscal year is of the revenue base for that revenue source for all the provinces for the fiscal year;

    • (c) determine the difference between the population percentage determined under paragraph (a) and, for each revenue source for the province for the fiscal year, the revenue base percentage determined under paragraph (b) (which difference, in the event that the population percentage so determined exceeds for any such revenue source the revenue base percentage determined under paragraph (b), is referred to in this subsection as a “fiscal capacity deficiency” with respect to that revenue source and, in any other event, is referred to in this subsection as a “fiscal capacity excess” with respect thereto);

    • (d) determine the aggregate of the products obtained by multiplying, for each revenue source for the fiscal year with respect to which the province has a fiscal capacity deficiency, the total revenue from that revenue source for all the provinces for the fiscal year by the fiscal capacity deficiency of the province for the fiscal year with respect to that revenue source;

    • (e) determine the aggregate of the products obtained by multiplying, for each revenue source for the fiscal year with respect to which the province has a fiscal capacity excess, the total revenue from that revenue source for all the provinces for the fiscal year by the fiscal capacity excess of the province for the fiscal year with respect to that revenue source;

    and the amount, if any, by which the amount determined under paragraph (d) exceeds the amount determined under paragraph (e) is the provincial revenue equalization payment that may be paid to the province for the fiscal year.

  • Marginal note:Allocation of total revenues to be equalized among all revenue sources

    (2) The Minister shall, for each fiscal year, allocate the total revenues to be equalized for the fiscal year among all revenue sources in such a manner that the aggregate of the total revenues derived by all the provinces for the fiscal year from each of those revenue sources is equal to the total revenues to be equalized for the fiscal year.

  • Marginal note:Definitions

    (3) In this section,

    revenue base

    revenue base for a revenue source for a province for a fiscal year has the meaning given to that expression by the regulations; (assiette)

    revenue source

    revenue source means any of the following sources from which provincial revenues are or may be derived, namely:

    • (a) personal income taxes,

    • (b) corporation income taxes,

    • (c) general and miscellaneous sales taxes, tobacco taxes and amusement taxes,

    • (d) motive fuel taxes,

    • (e) motor vehicle licensing revenues,

    • (f) alcoholic beverage revenues including profits of provincial liquor boards,

    • (g) hospital and medical care insurance premiums,

    • (h) succession duties and gift taxes,

    • (i) race track taxes,

    • (j) forestry revenues,

    • (k) revenues identifiable as oil revenues and consisting of royalties, licences, taxes, rentals, levies and payments or remittances of any kind that are derived in respect of mineral rights owned by the Crown in right of the province,

    • (k.1) revenues identifiable as oil revenues and consisting of licences, taxes, rentals, levies and payments or remittances of any kind that are derived in respect of mineral rights held otherwise than by the Crown in right of the province,

    • (l) revenues identifiable as natural gas revenues and consisting of royalties, licences, taxes, rentals, levies and payments or remittances of any kind that are derived in respect of mineral rights owned by the Crown in right of the province,

    • (l.1) revenues identifiable as natural gas revenues and consisting of licences, taxes, rentals, levies and payments or remittances of any kind that are derived in respect of mineral rights that are held otherwise than by the Crown in right of the province,

    • (m) sales of Crown leases and reservations on oil and natural gas lands,

    • (n) oil and gas revenues, other than those described in paragraphs (k), (k.1), (l), (l.1) and (m),

    • (o) metallic and non-metallic mineral revenues,

    • (p) water power rentals,

    • (q) payroll taxes, taxes on premiums receivable by insurance companies, real property taxes and other miscellaneous provincial taxes,

    • (r) miscellaneous revenues from natural resources, concessions and franchises, sales of provincial goods and services, remittances from government enterprises (other than provincial liquor boards) and other miscellaneous provincial revenues except remittances in respect of oil or natural gas revenues,

    • (s) revenues of the Government of Canada from any of the sources referred to in paragraph (a) to (r) that are shared by Canada with the provinces, and

    • (t) school purpose taxes,

    except that any description of a revenue source as set out in paragraph (q), (r) or (s) may be revised or altered by the regulations so as to constitute two or more separate revenue sources; (source de revenu)

    total revenue

    total revenue from a revenue source for all the provinces for a fiscal year means the total revenue derived by all the provinces for the fiscal year from that revenue source as determined by the Minister pursuant to an allocation under subsection (2); (revenu total)

    total revenues to be equalized

    total revenues to be equalized for a fiscal year means the total revenues, as determined by the Minister, derived by all the provinces for the fiscal year from all revenue sources, except that

    • (a) in the case of succession duties and gift taxes, the revenue therefrom for all the provinces for the fiscal year shall be deemed to be

      • (i) for the fiscal year commencing with April 1, 1972, the revenue therefrom for all the provinces for that fiscal year,

      • (ii) for the fiscal year commencing with April 1, 1973, the average of the revenues therefrom for all the provinces for that fiscal year and for the immediately preceding fiscal year, and

      • (iii) for any other fiscal year, the average of the revenues therefrom for all the provinces for that fiscal year and for each of the two immediately preceding fiscal years,

    • (b) in the case of sales of Crown leases and reservations on oil and natural gas lands, the revenue therefrom for all the provinces for the fiscal year shall be deemed to be the average of the revenues therefrom, as computed for the purpose of paragraph (d) where applicable, for all the provinces for that fiscal year and for each of the two immediately preceding fiscal years,

    • (c) in the case of personal income taxes and corporation income taxes, the Minister may deduct from the amount that, but for this paragraph, would be the revenue therefrom for all the provinces for the fiscal year, the amount, as estimated by him, by which the revenues derived by Canada under the Income Tax Act from personal income taxes for the taxation year ending in the fiscal year and from corporation income taxes for taxation years ending in the calendar year that ends in the fiscal year, are less than the revenues that would have been derived by Canada thereunder from those taxes if no special abatement of those taxes had been provided under the Income Tax Act or any other Act of the Parliament of Canada for the purpose of facilitating the financing by a province of certain prescribed programs, and

    • (d) in the case of the revenue sources described in paragraphs (k), (k.1), (l), (l.1), (m) and (n) of the definition revenue source, the revenue from each such source for all the provinces for the fiscal year shall be deemed to be an amount equal to the aggregate of

      • (i) the basic revenue from each such revenue source for all the provinces for the fiscal year, and

      • (ii) one-third of the additional revenue from each such revenue source for all the provinces for the fiscal year. (revenus totaux devant faire l’objet de la péréquation)

  • Marginal note:Determination of population

    (4) For the purposes of this section, the population of a province

    • (a) for a fiscal year in which a census thereof was taken, is the population as ascertained by the census, and

    • (b) for any other fiscal year, is the population as of the 1st day of June in that year as finally determined by the Chief Statistician of Canada following the next ensuing census.

  • Marginal note:Basic revenue determined

    (4.1) For the purposes of this section,

    • (a) in the case of the revenue source described in paragraph (k) of the definition revenue source, the basic revenue from that revenue source for all the provinces for a particular fiscal year is the amount, as determined by the Minister but subject to subsection (4.3), that is equal to the product obtained when the actual revenue of all the provinces for the fiscal year commencing on April 1, 1973 that would have been allocated to that revenue source if the definition revenue source set out in this Act as it applied to that particular fiscal year had applied to the fiscal year commencing on April 1, 1973, is multiplied by

      • (i) the quotient obtained when the number representing the volume of the marketable production of crude oil, synthetic crude oil and condensate in all the provinces for the calendar year ending in that particular fiscal year from lands for which the mineral rights are owned by the Crown in right of any province is divided by the number representing the volume of the marketable production of crude oil, synthetic crude oil and condensate in all the provinces for the 1973 calendar year from lands for which the mineral rights are owned by the Crown in right of any province, or

      • (ii) one, if the quotient obtained under subparagraph (i) is less than one;

    • (b) in the case of the revenue source described in paragraph (k.1) of the definition revenue source, the basic revenue from that revenue source for all the provinces for a particular fiscal year is the amount, as determined by the Minister but subject to subsection (4.3), that is equal to the product obtained when the actual revenue of all the provinces for the fiscal year commencing on April 1, 1973 that would have been allocated to that revenue source if the definition revenue source set out in this Act as it applied to that particular fiscal year had applied to the fiscal year commencing on April 1, 1973, is multiplied by

      • (i) the quotient obtained when the number representing the volume of the marketable production of crude oil, synthetic crude oil and condensate in all the provinces for the calendar year ending in that particular fiscal year from lands for which the mineral rights are held otherwise than by the Crown is divided by the number representing the volume of the marketable production of crude oil, synthetic crude oil and condensate in all the provinces for the 1973 calendar year from lands for which the mineral rights are held otherwise than by the Crown, or

      • (ii) one, if the quotient obtained under subparagraph (i) is less than one;

    • (c) in the case of the revenue source described in paragraph (l) of the definition revenue source, the basic revenue from that revenue source for all the provinces for a particular fiscal year is the amount, as determined by the Minister but subject to subsection (4.3), that is equal to the product obtained when the actual revenue of all the provinces for the fiscal year commencing on April 1, 1973 that would have been allocated to that revenue source if the definition revenue source set out in this Act as it applied to that particular fiscal year had applied to the fiscal year commencing on April 1, 1973, is multiplied by

      • (i) the quotient obtained when the number representing the volume of net production withdrawals of natural gas in all the provinces for the calendar year ending in that particular fiscal year from lands for which the mineral rights are owned by the Crown in right of any province is divided by the number representing the volume of the net production withdrawals of natural gas in all the provinces for the 1973 calendar year from lands for which the mineral rights are owned by the Crown in right of any province, or

      • (ii) one, if the quotient obtained under subparagraph (i) is less than one;

    • (d) in the case of the revenue source described in paragraph (l.1) of the definition revenue source, the basic revenue from that revenue source for all the provinces for a particular fiscal year is the amount, as determined by the Minister but subject to subsection (4.3), that is equal to the product obtained when the actual revenue of all the provinces for the fiscal year commencing on April 1, 1973 that would have been allocated to that revenue source if the definition revenue source set out in this Act as it applied to that particular fiscal year had applied to the fiscal year commencing on April 1, 1973, is multiplied by

      • (i) the quotient obtained when the number representing the volume of net production withdrawals of natural gas in all the provinces for the calendar year ending in that particular fiscal year from lands for which the mineral rights are held otherwise than by the Crown is divided by the number representing the volume of the net production withdrawals of natural gas in all the provinces for the 1973 calendar year from lands for which the mineral rights are held otherwise than by the Crown, or

      • (ii) one, if the quotient obtained under subparagraph (i) is less than one; and

    • (e) in the case of a revenue source described in paragraph (m) or (n) of the definition revenue source, the basic revenue from that revenue source for all the provinces for a particular fiscal year is the amount, as determined by the Minister but subject to subsection (4.3), that is equal to the product obtained when the actual revenue of all the provinces for the fiscal year commencing on April 1, 1973 that would have been allocated to that revenue source if the definition revenue source set out in this Act as it applied to that particular fiscal year had applied to the fiscal year commencing on April 1, 1973, is multiplied by

      • (i) the quotient obtained when the number representing the aggregate of the basic revenues for all the provinces for that particular fiscal year from the revenue sources described in paragraphs (k) and (l) of the definition revenue source is divided by the number representing the aggregate of the actual revenues that would have been allocated to those revenue sources for all the provinces for the fiscal year commencing on April 1, 1973 if the definition revenue source set out in this Act as it applied to that particular fiscal year had applied to the fiscal year commencing on April 1, 1973, or

      • (ii) one, if the quotient obtained under subparagraph (i) is less than one.

  • Marginal note:Additional revenue determined

    (4.2) For the purposes of this section, the additional revenue from a revenue source for all the provinces for a particular fiscal year is the amount that is equal to

    • (a) the actual revenue derived by all the provinces in that fiscal year from that revenue source, as determined by the Minister,

    minus

    • (b) the basic revenue derived by all the provinces for that particular fiscal year from that revenue source.

  • Marginal note:When actual revenue less than basic revenue

    (4.3) Where the actual revenue derived by all the provinces for a particular fiscal year from a revenue source is less than the basic revenue derived by all the provinces for that particular fiscal year from that revenue source as determined pursuant to subsection (4.1), the actual revenue shall be deemed to be the basic revenue derived by all the provinces for that particular fiscal year from that revenue source.

  • Marginal note:Revenue from school purpose taxes

    (5) For the purposes of this Part, in the case of school purpose taxes set out in paragraph (t) of the definition revenue source in subsection (3),

    • (a) the aggregate of the revenue derived from that revenue source by each municipality, board, commission or other local authority in a province that has power to levy a school purpose tax shall be deemed to be revenue derived by the province from that revenue source; and

    • (b) the revenue derived by a province for a fiscal year from that revenue source shall be deemed to be the revenue derived within the province by the province from that revenue source for the financial year of each local authority described in paragraph (a) ending in that fiscal year.

  • 1972, c. 8, s. 4
  • 1973-74, c. 45, s. 1
  • 1974-75-76, c. 65, s. 1

PART IIProvincial Revenue Stabilization Payments

Marginal note:Provincial revenue stabilization payments

 Subject to this Act, the Minister may pay to a province, for each fiscal year in the period commencing with the 1st day of April, 1972 and ending with the 31st day of March, 1977, a provincial revenue stabilization payment not exceeding the amount computed in accordance with section 6.

Marginal note:Calculation of payments

  •  (1) The provincial revenue stabilization payment that may be paid to a province for a fiscal year is the amount, as determined by the Minister, by which

    • (a) the revenue subject to stabilization of the province for the immediately preceding fiscal year

    exceeds

    • (b) the revenue subject to stabilization of the province for the fiscal year, adjusted in prescribed manner to reflect the amount, as determined by the Minister, of any change in the revenue subject to stabilization of the province for the fiscal year resulting from changes either in the rates or in the structure of provincial taxes or other revenues from those or from that in effect in the immediately preceding fiscal year.

  • Marginal note:Revenue subject to stabilization defined

    (2) In this section, revenue subject to stabilization of a province for a fiscal year means the aggregate of

    • (a) the total revenues, as determined by the Minister, derived by the province for the fiscal year from the revenue sources referred to in the definition revenue source in subsection 4(3), and

    • (b) each amount payable to the province for the fiscal year, as determined in accordance with this Act not later than 24 months after the end of the fiscal year, as a provincial revenue equalization payment under Part I or a provincial tax revenue guarantee payment under Part IV.

  • Marginal note:Idem

    (3) For the purpose of determining pursuant to subsection (2) the revenue subject to stabilization of a province for a fiscal year,

    • (a) paragraphs (a), (b) and (c) of the definition total revenues to be equalized in subsection 4(3) apply mutatis mutandis; and

    • (b) where a tax collection agreement is in force between the Government of Canada and the province with respect to personal income taxes or corporation income taxes, or both, the revenue of the province for the fiscal year therefrom shall be deemed to be the amount payable by the Government of Canada to the province, as determined in accordance with the agreement not later than 24 months after the end of the fiscal year, pursuant to the agreement for the fiscal year.

  • Marginal note:Application by province for payment

    (4) A provincial revenue stabilization payment may be paid to a province for a fiscal year only upon receipt by the Minister, not later than 18 months after the end of the fiscal year, of an application by the province therefor containing such information as may be prescribed.

Marginal note:Application of former Act

 Part I of the former Act is not applicable in respect of any fiscal year commencing after the 31st day of March, 1972.

PART IIITax Collection Agreements

Marginal note:Personal income and corporation income tax collection agreements

  •  (1) Where a province imposes taxes on the incomes of individuals or corporations, or both, the Minister, with the approval of the Governor in Council, may on behalf of the Government of Canada enter into a tax collection agreement with the government of the province pursuant to which the Government of Canada will collect the provincial taxes on behalf of the province and will make payments to the province in respect of the taxes so collected in accordance with such terms and conditions as the agreement prescribes.

  • Marginal note:Amendments to agreements

    (2) The Minister, with the approval of the Governor in Council, may on behalf of the Government of Canada enter into an agreement amending the terms and conditions of an agreement entered into pursuant to subsection (1).

  • Marginal note:Application of requirements of provincial law to certain persons

    (3) Where the law of a province that imposes taxes on incomes as described in subsection (1) contains provisions requiring every person making a payment of a specified kind to another person to deduct or withhold therefrom an amount and to remit that amount on account of any such tax, effect may be given to those provisions in accordance with the regulations, in relation to persons to whom such payments are made out of the Consolidated Revenue Fund or by an agent of Her Majesty in right of Canada.

  • Marginal note:Agreement entered into under former Act

    (4) Where an agreement was entered into pursuant to subsection 20(1) or (2) of the former Act or was deemed by section 21 of that Act to have been entered into pursuant to subsection 20(1) of that Act, the agreement shall be deemed to have been entered into pursuant to subsection (1) of this section.

Marginal note:Succession duty and gift tax collection agreements

  •  (1) Where a province imposes duties or taxes on any legacy, succession, inheritance or gift, the Minister, with the approval of the Governor in Council, may on behalf of the Government of Canada enter into a tax collection agreement with the government of the province pursuant to which the Government of Canada will collect the provincial duties or taxes on behalf of the province and will make payments to the province in respect of the duties or taxes so collected in accordance with such terms and conditions as the agreement prescribes.

  • Marginal note:Amendments to agreements

    (2) The Minister, with the approval of the Governor in Council, may on behalf of the Government of Canada enter into an agreement amending the terms and conditions of an agreement entered into pursuant to subsection (1).

  • Marginal note:Terms of agreements

    (3) No agreement relating to duties imposed by a province on any legacy, succession or inheritance may be entered into by the Minister, pursuant to this section, that applies to any such duties imposed in the case of the death of any person whose death occurred after 1974.

Marginal note:Advance payments under agreements

 Where a province has entered into a tax collection agreement, the Minister, in accordance with the regulations, may make advance payments to the province out of the Consolidated Revenue Fund on account of any amount that may become payable to the province pursuant to the agreement.

PART IVProvincial Tax Revenue Guarantee Payments

Marginal note:Provincial tax revenue guarantee payments

 Subject to this Act, the Minister may pay to a province, for each fiscal year in the period commencing with the 1st day of April, 1972 and ending with the 31st day of March, 1977, a provincial tax revenue guarantee payment not exceeding the amount computed in accordance with section 12.

Marginal note:Calculation of provincial tax revenue guarantee payment

  •  (1) The provincial tax revenue guarantee payment that may be paid to a province for a fiscal year is the amount by which the aggregate of

    • (a) the total revenue, as determined by the Minister in accordance with the formula prescribed by the regulations, that would be derived by the province from a personal income tax on every individual

      • (i) who was resident in the province on the last day of the calendar year ending in the fiscal year, or

      • (ii) who, not being resident in the province on the last day of that calendar year, had income earned in that year in the province as determined under the provincial Act,

      computed in accordance with,

      • (iii) in the case of the Province of Ontario, the provincial Act, as it applied to the 1971 taxation year of individuals, at the rate of 28%,

      • (iv) in the case of the Province of Prince Edward Island, the provincial Act, as it applied to the 1971 taxation year of individuals, at the rate of 33%,

      • (v) in the case of the Province of Quebec, the federal Act, as it applied to the 1971 taxation year of individuals, at the rate of 31%, and

      • (vi) in the case of any other province, the provincial Act, as it applied to the 1971 taxation year of individuals, at the actual rate applicable thereunder to that taxation year;

    • (b) the total revenue, as determined by the Minister, that would be derived by the province from a corporation income tax on every corporation that maintained a permanent establishment in the province at any time in its taxation year ending in the calendar year that ends in the fiscal year, on its taxable income earned in that taxation year in the province computed in accordance with the federal Act, as it applied to the 1971 taxation year of such corporations, at the rate applicable under the provincial Act to the 1971 taxation year of corporations that maintained a permanent establishment in the province at any time in that taxation year, and

    • (c) the portion, determined in prescribed manner, of the provincial revenue equalization payment that would be payable to the province for the fiscal year under Part I in respect of the aggregate of the total revenue determined under paragraph (a) and the total revenue determined under paragraph (b), if for each of the provinces such revenues were the actual revenues derived by those provinces for the taxation years and from the revenue sources referred to in those paragraphs,

    exceeds the aggregate of

    • (d) the total revenue, as determined by the Minister, that would be derived by the province from a personal income tax on every individual

      • (i) who was resident in the province on the last day of the calendar year ending in the fiscal year, or

      • (ii) who, not being resident in the province on the last day of that calendar year, had income earned in that year in the province as determined under the provincial Act,

      computed in accordance with Part I of the federal Act, as it applied to the taxation year coinciding with that calendar year at the specified converted rate applicable to the province or in the case of the Province of Quebec at the rate of 34%,

      • (iii) in the case of the Province of Quebec, the federal Act, as it applied to the taxation year coinciding with that calendar year, at the rate of 34%, and

      • (iv) in the case of any other province, the provincial Act, as it applied to the taxation year coinciding with that calendar year, at the actual rate applicable thereunder to that taxation year,

    • (e) the total revenue, as determined by the Minister, derived by the province from a corporation income tax on every corporation that maintained a permanent establishment in the province at any time in its taxation year ending in the calendar year that ends in the fiscal year, on its taxable income earned in that taxation year in the province computed in accordance with the federal Act, as it applied to that taxation year of such corporations, at the rate referred to in paragraph (b), and

    • (f) the portion, determined in prescribed manner, of the provincial revenue equalization payment payable to the province for the fiscal year under Part I in respect of the aggregate of the total revenue determined under paragraph (d) and the total revenue determined under paragraph (e) derived from the revenue sources referred to in those paragraphs.

  • Marginal note:Idem

    (2) In the event that the actual rate of personal income tax applicable under a provincial Act for a taxation year described in paragraph (1)(d) is not the same as the specified converted rate applicable to the province, for the purpose of determining the provincial tax revenue guarantee payment that may be paid to the province for the fiscal year in which the calendar year coinciding with the taxation year ends, the total revenue determined under paragraph (1)(d) shall be deemed to be that proportion of the amount that, but for this subsection, would be the total revenue determined under that paragraph that

    • (a) the specified converted rate applicable to the province

    is of

    • (b) the actual rate of personal income tax applicable under the provincial Act for that taxation year.

  • Marginal note:Current year personal income tax revenue adjusted

    (3) For the purpose of paragraph (1)(d), the Minister, in determining the total revenue that would be derived by a province from a personal income tax in accordance with that paragraph, shall, in making the computation required thereby,

    • (a) interpret the federal Act as if section 120 thereof were not applicable and a taxpayer were not entitled to any deduction under section 126 or 127 of that Act;

    • (b) interpret the federal Act as if section 15 of An Act to Amend the Statute Law Relating to Income Tax (No. 3) (being chapter 30 of the Statutes of Canada, 1973-74) had not been enacted;

    • (c) add to the revenue, as otherwise determined, such amount as is allocated to the province for the taxation year by the Minister in respect of personal income tax revenues that have been collected by Canada for which no tax return has been filed under the federal Act and allocated among the provinces as unapplied moneys; and

    • (d) subtract from the revenue, as otherwise determined, any amount that under a provincial Act a taxpayer, in computing his tax thereunder, would be entitled to deduct in respect of foreign tax credit or logging tax credit.

  • Marginal note:Current year corporation tax revenue adjusted

    (4) The total revenue, as determined by the Minister under paragraph (1)(e), derived by the province from a corporation income tax shall, for the purpose of that paragraph, be deemed to be the amount otherwise determined thereunder less the portion of that amount that, in the opinion of the Minister, would not have been derived by the province had paragraph 12(1)(o), paragraph 18(1)(m) and subsections 69(6) and (7) of the federal Act not been enacted, to the extent that such amount is remitted or refunded by the province pursuant to provincial law to those taxpayers in the province that made payments in respect of that amount under the provincial Act.

  • 1972, c. 8, s. 12
  • 1974-75-76, c. 65, s. 2

Marginal note:Eligibility for payment

  •  (1) No payment under this Part may be made to a province for a fiscal year unless,

    • (a) pursuant to a tax collection agreement entered into or deemed to have been entered into under section 8, Canada, on behalf of the province, has undertaken to collect taxes imposed by the province under the provincial Act on the incomes of individuals for the taxation year ending in the fiscal year, or on the incomes of individuals for that taxation year and the incomes of corporations for taxation years ending in the calendar year that ends in the fiscal year, or

    • (b) the provisions of the provincial Act pursuant to which a tax is imposed on the incomes of individuals for the taxation year ending in the fiscal year, and the provisions of the federal Act pursuant to which a tax is imposed on the incomes of individuals for that taxation year, are, in the opinion of the Minister, similar as to weight and structure except for differences between the Acts with respect to personal deductions, which differences are not greater than those that existed between the Acts as they read in their application to the 1971 taxation year.

  • Marginal note:Reduction of provincial tax revenue guarantee payment

    (2) When the provisions of any amendment, modification or revision made in the federal Act, as it applies to a taxation year coinciding with a calendar year ending in a fiscal year, that would result in reducing the revenue derived pursuant to the federal Act for that taxation year are not implemented by a province under its provincial Act as it applies to that taxation year, the provincial tax revenue guarantee payment that may be paid to the province for the fiscal year may, notwithstanding any other provisions of this Part, be reduced by the additional amount that, in the opinion of the Minister, would not have been so derived pursuant thereto had the provincial Act as it applied to that taxation year been amended so as to comply with the provisions of the federal Act as it applied to that taxation year.

  • 1972, c. 8, s. 13
  • 1974-75-76, c. 65, s. 4

Marginal note:Eligibility for payment

 A province is not eligible for a tax revenue guarantee payment under this Part for the fiscal year commencing with the 1st day of April, 1972 and ending with the 31st day of March, 1973, unless,

  • (a) it had given notification in prescribed manner, on or before a prescribed date, to the effect that the rate of personal income tax applicable under the provincial Act to the 1972 taxation year will not exceed the specified converted rate applicable to that province, but the subsequent alteration of any rate of personal income tax applicable under the provincial Act, in the manner provided in a tax collection agreement relating to personal income taxes entered or deemed to have been entered into under section 8 between the Government of Canada and the province, does not render the province ineligible for a tax revenue guarantee payment under this Part, or

  • (b) in the opinion of the Minister, the revenue that would be derived by the province from a personal income tax on every individual

    • (i) who was resident in the province on the last day of 1972, or

    • (ii) who, not being resident in the province on the last day of 1972, had income earned in 1972 in the province as determined under the provincial Act,

    computed in accordance with the provincial Act, as it applied to the 1972 taxation year of individuals, at the rate that was in effect thereunder at the commencement of 1972 as being applicable to the 1972 taxation year of individuals, is not greater than the revenue derived by the province from a personal income tax on every individual described in subparagraph (i) or (ii), computed in accordance with the provincial Act, as it is applied to the 1971 taxation year of individuals, at the actual rate applicable thereunder to the 1971 taxation year.

  • 1972, c. 8, s. 14
  • 1973-74, c. 45, s. 2

Marginal note:Specified converted rate

 For the purposes of this Part, the specified converted rate applicable to a province is

  • (a) in the case of Newfoundland, 36%;

  • (b) in the case of Prince Edward Island, 36%;

  • (c) in the case of Nova Scotia, 30.5%;

  • (d) in the case of New Brunswick, 41.5%;

  • (e) in the case of Ontario, 30.5%;

  • (f) in the case of Manitoba, 42.5%;

  • (g) in the case of Saskatchewan, 37%;

  • (h) in the case of Alberta, 36%; and

  • (i) in the case of British Columbia, 30.5%.

Marginal note:Definitions

 In this Part,

federal Act

federal Act means the Income Tax Act; (loi fédérale)

provincial Act

provincial Act in relation to any province means the Act of the legislature of the province that imposes taxes on the incomes of individuals or corporations, or both, as the case may be. (loi provinciale)

Marginal note:Subsection 12(2) not applicable

 Subsection 12(2) does not apply to a province that did not enter or was not deemed to have entered into a tax collection agreement under subsection 20(1) of the former Act.

PART VTransfer Payments with Respect to Tax on 1971 Undistributed Income on Hand

Marginal note:Transfer payments in respect of tax under Part IX of Income Tax Act

 Subject to this Act, the Minister may pay to a province, in respect of any tax paid under Part IX of the Income Tax Act by a corporation described therein, an amount computed in accordance with section 19.

Marginal note:Calculation of payments

 The amount that may be paid to a province under section 18 in respect of any tax paid under Part IX of the Income Tax Act by a corporation described therein is an amount, as determined by the Minister of National Revenue, equal to 20% of that proportion of the tax so paid that

  • (a) the corporation’s taxable income earned in its 1971 taxation year in the province

is of

  • (b) the corporation’s taxable income earned in its 1971 taxation year in Canada,

except that where the taxable income of a corporation earned in its 1971 taxation year in Canada would, but for this subsection, be nil, the corporation shall be deemed to have a taxable income earned in its 1971 taxation year in Canada equal to the tax paid by it under Part IX of the Income Tax Act.

Marginal note:Recovery of refunds made under Part IX of Income Tax Act

 Where, in respect of any dividend paid by a corporation controlled (within the meaning assigned by section 28 of the Income Tax Act as it read in its application to the 1971 taxation year) by a Canadian corporation, the Minister of National Revenue has, under subsection 196(2) of the Income Tax Act, made a payment to the controlling corporation, an amount equal to 20% of that proportion of the payment so made to the controlling corporation that the controlled corporation’s taxable income earned in its 1971 taxation year in a province is of the controlled corporation’s taxable income earned in its 1971 taxation year in Canada, as determined under section 19, may be recovered in accordance with the regulations as an overpayment made to the province under this Act.

Marginal note:Meaning of certain words and expressions

 For the purpose of this Part,

  • (a) the “taxable income” of a corporation earned in a year in a province has the meaning given to that expression by section 40 of the Income Tax Act as it read in its application to the 1971 taxation year;

  • (b) the “taxable income” of a corporation earned in a year in Canada means the aggregate of the taxable incomes of the corporation earned in the year in each of the provinces including the Northwest Territories and Yukon Territory; and

  • (c) other words and expressions, except “province”, have the same meaning as in the Income Tax Act.

PART VIPost-Secondary Education Adjustment Payments

Marginal note:Post-secondary education adjustment payments

 Subject to this Act, the Secretary of State may, for each fiscal year in the period commencing with the 1st day of April, 1972 and ending with the 31st day of March, 1977, authorize the payment to a province of a post-secondary education adjustment payment not exceeding the amount computed in accordance with this Part.

  • 1972, c. 8, s. 22
  • 1973-74, c. 45, s. 3

Marginal note:Adjustment payments

  •  (1) Subject to subsection (2) and section 24, the adjustment payment that may be paid to a province for a fiscal year is the amount by which,

    • (a) in the case of the Provinces of New Brunswick, Prince Edward Island and Newfoundland, the product obtained by multiplying

      • (i) the amount for the immediately preceding fiscal year determined under paragraph 13(2)(b) of the former Act if that year commenced with the 1st day of April, 1971, or determined under this paragraph if that year commenced with or after the 1st day of April, 1972,

      by

      • (ii) the quotient obtained by dividing

        • (A) the aggregate of the amounts, as determined by the Secretary of State, of the operating expenditures for post-secondary education in all the provinces in the fiscal year,

        by

        • (B) the aggregate of the amounts, as determined by the Secretary of State, of the operating expenditures for post-secondary education in all the provinces in the immediately preceding fiscal year, and

    • (b) in the case of any other province, the amount, as determined by the Secretary of State, that is equal to 50% of the operating expenditures for post-secondary education in the province in the fiscal year,

    exceeds the aggregate of

    • (c) the federal revenue reduction relating to post-secondary education applicable to the province for the fiscal year,

    • (d) the portion, determined in prescribed manner, of the provincial revenue equalization payment payable to the province for the fiscal year under Part I that is attributable to the federal revenue reduction relating to post-secondary education applicable to the province for the fiscal year, and

    • (e) the portion, determined in prescribed manner, of the provincial tax revenue guarantee payment payable to the province for the fiscal year under Part IV that is attributable to the federal revenue reduction relating to post-secondary education applicable to the province for the fiscal year.

  • Marginal note:Alteration of adjustment payments

    (2) Subject to section 24, where the adjustment payment that may be paid to a province described in paragraph (1)(a) for a fiscal year is less than the amount by which

    • (a) the amount, as determined by the Secretary of State, equal to 50% of the operating expenditures for post-secondary education in the province in the fiscal year

    exceeds

    • (b) the aggregate for the fiscal year of the amounts determined under paragraphs (1)(c), (d) and (e) in the case of the province,

    the adjustment payment that may be paid to the province for the fiscal year is the amount by which the amount referred to in paragraph (a) exceeds the aggregate referred to in paragraph (b), and in computing the adjustment payment that may be paid to the province for any subsequent fiscal year the province shall be deemed to be a province described in paragraph (1)(b).

  • 1972, c. 8, s. 23
  • 1973-74, c. 45, s. 4

Marginal note:Limitation on amount of federal contribution

  •  (1) Where, for any fiscal year commencing with or after the 1st day of April, 1972,

    • (a) the aggregate of the federal contributions to each of the provinces is greater than 115% of the aggregate of the federal contributions to each of the provinces for the immediately preceding fiscal year, and

    • (b) the federal contribution to a particular province is greater than 115% of the federal contribution to that particular province for the immediately preceding fiscal year,

    the adjustment payment that may be paid to any one particular province described in paragraph (b) for the fiscal year is an amount determined by the following rules:

    • (c) determine the amount by which

      • (i) the aggregate of the federal contributions to each of the provinces for the fiscal year

      exceeds

      • (ii) 115% of the aggregate of the federal contributions to each of the provinces for the immediately preceding fiscal year;

    • (d) determine, for each particular province described in paragraph (b), the amount by which

      • (i) the federal contribution to that particular province for the fiscal year

      exceeds

      • (ii) 115% of the federal contribution to that particular province for the immediately preceding fiscal year;

    • (e) determine the aggregate of the amounts determined under paragraph (d) for each of the provinces to which that paragraph applies;

    • (f) determine, for each particular province described in paragraph (b), the proportion, as a percentage, that the amount determined under paragraph (d) in the case of that province is of the aggregate determined under paragraph (e);

    • (g) determine, for each particular province described in paragraph (b), the product obtained by multiplying the percentage determined under paragraph (f) in the case of that province by the amount determined under paragraph (c);

    and the adjustment payment that may be paid to any one particular province described in paragraph (b) for the fiscal year is the amount that, but for this section, would be the adjustment payment payable to that province for the fiscal year minus the amount determined under paragraph (g) in the case of that province.

  • Marginal note:Determination of amount of federal contribution to province for fiscal year

    (2) For the purpose of applying subsection (1) to determine the adjustment payment that may be paid to a province for the fiscal year commencing with the 1st day of April, 1972, the amount of the federal contribution to a province for any fiscal year is,

    • (a) in the case of the fiscal year commencing with the 1st day of April, 1971, an amount, as determined by the Secretary of State, equal to the aggregate of

      • (i) the adjustment payment that may be paid to the province for that fiscal year, computed under section 13 of the former Act, and

      • (ii) the aggregate for that fiscal year determined under paragraph 13(2)(c) of the former Act in the case of the province, and

    • (b) in the case of the fiscal year commencing with the 1st day of April, 1972, an amount, as determined by the Secretary of State, equal to the aggregate of

      • (i) the adjustment payment that, but for this section, would be payable to the province for that fiscal year, and

      • (ii) the aggregate for that fiscal year of the amounts determined under paragraphs 23(1)(c), (d) and (e) in the case of the province;

    and for the purpose of applying subsection (1) to determine the adjustment payment that may be paid to a province for the fiscal year commencing with the 1st day of April, 1973, the amount of the federal contribution to a province for any fiscal year is,

    • (c) in the case of the fiscal year commencing with the 1st day of April, 1972, an amount, as determined by the Secretary of State, equal to the aggregate of

      • (i) the adjustment payment that may be paid to the province for that fiscal year, and

      • (ii) the aggregate for that fiscal year of the amounts determined under paragraphs 23(1)(c), (d) and (e) in the case of the province, and

    • (d) in the case of the fiscal year commencing with the 1st day of April, 1973, an amount, as determined by the Secretary of State, equal to the aggregate of

      • (i) the adjustment payment that, but for this section, would be payable to the province for that fiscal year, and

      • (ii) the aggregate for that fiscal year of the amounts determined under paragraphs 23(1)(c), (d) and (e) in the case of the province.

  • Marginal note:Determination of amount of contribution

    (3) For the purpose of applying subsection (1) to determine the adjustment payment that may be paid to a province for each fiscal year in the period commencing with the 1st day of April, 1974 and ending with the 31st day of March, 1977, the amount of the federal contribution to a province for any such fiscal year is

    • (a) in the case of that fiscal year, an amount, as determined by the Secretary of State, equal to the aggregate of

      • (i) the adjustment payment that, but for this section, would be payable to the province for that fiscal year, and

      • (ii) the aggregate for that fiscal year of the amounts determined under paragraphs 23(1)(c), (d) and (e) in the case of the province; and

    • (b) in the case of the immediately preceding fiscal year, an amount, as determined by the Secretary of State, equal to the aggregate of

      • (i) the adjustment payment that may be paid to the province for that immediately preceding fiscal year, and

      • (ii) the aggregate for that immediately preceding fiscal year of the amounts determined under paragraphs 23(1)(c), (d) and (e) in the case of the province.

  • 1972, c. 8, s. 24
  • 1973-74, c. 45, s. 5

Marginal note:Operating expenditures

  •  (1) Subject to subsections (2) and (3), the operating expenditures for post-secondary education in a province in a fiscal year are the aggregate of the operating expenditures, as determined by the Secretary of State, incurred for post-secondary education by or in respect of each of the educational institutions in the province during the financial years of such institutions related to the fiscal year, but do not include

    • (a) any amount expended in respect of student financial aid;

    • (b) any amount expended as or on account of the capital cost of land, buildings, physical plant, facilities or equipment, except as otherwise provided by the regulations;

    • (c) any amount expended as or on account of interest;

    • (d) any amount expended in payment of a capital debt;

    • (e) any provision for depreciation on buildings, physical plant, facilities or equipment;

    • (f) any amount expended in respect of a prescribed ancillary enterprise undertaken or operated by an educational institution; or

    • (g) such portion of any account expended as or on account of rent on land, buildings, physical plant, facilities or equipment as may be prescribed.

  • Marginal note:Idem

    (2) In determining the operating expenditures incurred for post-secondary education by or in respect of an educational institution during a financial year of the institution, there shall be deducted from the amount thereof otherwise determined

    • (a) any amount received by the institution in the year for assisted, sponsored or contract research, and

    • (b) any amount received by the institution in the year from Her Majesty in right of Canada or any agent thereof or from the Canada Council,

    except as otherwise provided by the regulations.

  • Marginal note:Idem

    (3) In determining the operating expenditures for post-secondary education in a province in a fiscal year, there shall be deducted from the amount thereof otherwise determined any amount paid to the province in the year by Her Majesty in right of Canada or any agent thereof, otherwise than pursuant to this Act, that is prescribed for the purposes of this subsection to be an amount paid in respect of post-secondary education.

Marginal note:Federal revenue reduction

 For the purpose of this Part, the federal revenue reduction relating to post-secondary education applicable to a province for a fiscal year is an amount equal to the aggregate of

  • (a) the amount, as determined by the Minister, that would be derived from a tax, computed in accordance with the Income Tax Act,

    • (i) on the incomes (other than incomes from businesses) of individuals resident in the province on the last day of the taxation year ending in the fiscal year, within the meaning of the Income Tax Act,

    • (ii) on the incomes (other than incomes from businesses) earned in the province in the taxation year ending in the fiscal year by individuals not resident in Canada at any time during the taxation year, within the meaning of the Income Tax Act, and

    • (iii) on the incomes from businesses earned in the province in the taxation year ending in the fiscal year by individuals, within the meaning of the Income Tax Act,

    equal to 4.357% of the tax otherwise payable, within the meaning of paragraph 120(4)(c) of the Income Tax Act, under Part I of that Act on those incomes, and

  • (b) the amount, as determined by the Minister, that would be derived from a tax, computed in accordance with the Income Tax Act, on the income earned in the province by each corporation (other than a non-resident-owned investment corporation as defined in the Income Tax Act or a corporation specified in Schedule D to the Financial Administration Act that is an agent of Her Majesty in right of Canada) that maintained a permanent establishment in the province at any time during its taxation year ending in the calendar year that ends in the fiscal year, at the rate of 1% of its taxable income earned in the province in that taxation year.

Marginal note:Determination of operating expenditures

  •  (1) In determining the operating expenditures for post-secondary education in a province in a fiscal year, the Secretary of State shall have recourse to and be guided by

    • (a) any provincial return of operating expenditures submitted to him for the fiscal year;

    • (b) any information contained in a report made to him by the Minister of Supply and Services in connection with such operating expenditures; and

    • (c) such additional information as he may consider appropriate.

  • Marginal note:Provincial return

    (2) For the purposes of this section, a provincial return of operating expenditures for a fiscal year is a statistical return, in prescribed form, relating to the operating expenditures for post-secondary education in the province in the fiscal year,

    • (a) that has been signed by the Deputy Minister of Education of the province or such other provincial officer as may be designated by the Lieutenant-Governor in Council for the purpose; and

    • (b) that has been certified by the provincial auditor as having been examined by him and, to the best of his knowledge and belief,

      • (i) as accurately setting forth the operating expenditures for post-secondary education in the province in the fiscal year, calculated in accordance with the requirements of this Act and the regulations, and

      • (ii) as being based on

        • (A) financial returns for the fiscal year in respect of each educational institution in the province that is not a secondary institution, and

        • (B) a financial report for the fiscal year in respect of all secondary institutions in the province.

  • Marginal note:Financial returns and report

    (3) For the purposes of subsection (2),

    • (a) a financial return for a fiscal year in respect of an educational institution that is not a secondary institution is a statement relating to the operating expenditures incurred for post-secondary education by that institution during its financial year related to the fiscal year, that has been certified by an independent auditor as having been examined by him, and, to the best of his knowledge and belief, as accurately setting forth the operating expenditures incurred for post-secondary education by that institution during its financial year, calculated in accordance with the requirements of this Act and the regulations; and

    • (b) a financial report for a fiscal year in respect of all secondary institutions in a province is a statement setting forth the operating expenditures incurred for post-secondary education by or in respect of all such institutions during their financial years related to the fiscal year, that has been signed by the Deputy Minister of Education of the province or such other provincial officer as may be designated by the Lieutenant-Governor in Council for the purpose.

  • Marginal note:Definitions

    (4) In this section,

    independent auditor

    independent auditor means an auditor who is a member in good standing of an institution or association of accountants incorporated by or under the authority of the legislature of a province but who is not, except as otherwise provided by the regulations, the same person or a member of the same firm or office of auditors as, or employed by the same employer as, the provincial auditor; (vérificateur indépendant)

    provincial auditor

    provincial auditor means such person as is charged by law with the audit of the accounts of a province; (vérificateur provincial)

    secondary institution

    secondary institution, in relation to a province, means an institution in that province that offers at post-secondary level only prescribed programs of study. (établissement secondaire)

Marginal note:Failure to file return

 Where a provincial return of operating expenditures for a fiscal year as described in subsection 27(2) has not been submitted to the Secretary of State within 12 months after the end of the fiscal year, the Secretary of State, in determining the operating expenditures for post-secondary education in the province in the fiscal year, shall have recourse to and be guided by such information available to him as he considers appropriate, but in no such case shall the amount determined by the Secretary of State to be equal to 50% of the operating expenditures for post-secondary education in the province in the fiscal year be less than the product obtained by multiplying $15 by the population of the province for the calendar year ending in the fiscal year.

Marginal note:Report of Minister of Supply and Services

 The Minister of Supply and Services may, after consultation with the appropriate provincial authority,

  • (a) examine any financial return for a fiscal year in respect of an educational institution, as described in subsection 27(3), and

  • (b) request and receive from the independent auditor who certified any financial return for a fiscal year in respect of an educational institution, as described in subsection 27(3), such information, reports and explanations as he deems necessary in order to satisfy himself as to the method and procedure employed by such auditor in determining the operating expenditures incurred for post-secondary education by that institution during its financial year related to the fiscal year,

and shall make such report to the Secretary of State in respect thereof as he considers appropriate.

Marginal note:Definitions

  •  (1) In this Part,

    adjustment payment

    adjustment payment means a post-secondary education adjustment payment referred to in section 22; (paiement de rajustement)

    educational institution

    educational institution means an institution of learning that offers courses at a post-secondary level; (établissement d’enseignement)

    federal revenue reduction relating to post-secondary education

    federal revenue reduction relating to post-secondary education applicable to a province for a fiscal year has the meaning given to that expression by section 26; (réduction du revenu fédéral relative à l’enseignement post-secondaire)

    junior matriculation

    junior matriculation, in relation to a province, has the meaning given to that expression by the regulations; (immatriculation junior)

    operating expenditures

    operating expenditures for post-secondary education in a province in a fiscal year has the meaning given to that expression by section 25; (frais de fonctionnement)

    post-secondary education

    post-secondary education, in relation to a province, means every course of studies in the province that

    • (a) requires for admission the attainment of a level not lower than that of junior matriculation in the province,

    • (b) is of not less than 24 weeks duration, and

    • (c) has been certified as a course of studies at a post-secondary level by such person or persons as may be designated by the Lieutenant-Governor in Council of the province for such purpose; (enseignement post-secondaire)

    post-secondary level

    post-secondary level has the meaning given to that expression by the regulations. (niveau post-secondaire)

  • Marginal note:Determination of population and financial year

    (2) For the purposes of this Part,

    • (a) the population of a province for a calendar year is the population on the 1st day of June in that year as estimated by the Chief Statistician of Canada; and

    • (b) a financial year of an educational institution is related to a fiscal year if more than ½ of the total number of days in the financial year fall within the fiscal year.

Marginal note:Application of former Act

 Part II of the former Act is not applicable in respect of any fiscal year commencing with or after the 1st day of April, 1972.

PART VIIGeneral

Regulations

Marginal note:Regulations

 The Governor in Council may make regulations

  • (a) defining, for the purposes of this Act,

    • (i) the expression “revenue base” for a revenue source for a province for a fiscal year,

    • (ii) the expressions referred to in paragraphs (a) to (t) of the definition revenue source in subsection 4(3),

    • (iii) the expressions “junior matriculation and “post-secondary level”,

    • (iv) the expression “assisted, sponsored or contract research”, and

    • (v) the expression “operating expenditures incurred for post-secondary education” by or in respect of an educational institution or secondary institution;

  • (b) respecting the payment to a province of advances on account of any amount that may become payable to the province pursuant to this Act or a tax collection agreement, the adjustment of other payments by reason of such advances and the recovery of overpayments;

  • (c) prescribing the time and manner of making any payment under this Act or a tax collection agreement;

  • (d) prescribing the accounts to be kept and their management;

  • (e) respecting the determination of any matter that under this Act is to be determined by the Minister, the Minister of National Revenue or the Secretary of State;

  • (f) respecting any matter that by this Act is to be defined, provided or prescribed by, or done in accordance with, the regulations; and

  • (g) generally for carrying into effect the purposes and provisions of this Act.

  • 1972, c. 8, s. 32
  • 1973-74, c. 45, s. 6

Payment out of Consolidated Revenue Fund

Marginal note:Payment out of Consolidated Revenue Fund

 The amounts authorized to be paid by sections 3, 5, 11, 18 and 22 shall be paid out of the Consolidated Revenue Fund at such times and in such manner as may be prescribed.

Established Programs (Interim Arrangements) Act

 [Amendments]

RELATED PROVISIONS

  • — 1974-75-76, c. 65, s. 3

    • Application of subsection 12(2)

      3 Subsection 12(2) of the said Act is not applicable in respect of any taxation year coinciding with a calendar year ending in any fiscal year commencing on or after the first day of April, 1974.


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