Marginal note:Short title

1. This Act may be cited as the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act.

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.

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.

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

• (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.

“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”

Version anglaise seulement

“Province” means the Province of Nova Scotia.