3 (1) For the purposes of section 24.7 of the Act, the relevant revenue bases for a province for a fiscal year shall be determined as follows:
(a) with respect to personal income taxes, by aggregating
(i) 75% of the assessed federal individual income tax applicable to the province for the taxation year ending in the fiscal year, as determined by the Minister of National Revenue, and
(ii) 25% of the assessed federal individual income tax applicable to the province for the taxation year beginning in the fiscal year, as determined by the Minister of National Revenue; and
(b) with respect to corporation income taxes, by aggregating
(i) 75% of the aggregate of taxable income earned in the taxation year in the province, as determined by the Minister of National Revenue under subsection 124(4) of the Income Tax Act, for all corporations having a taxation year ending in the calendar year that ends in the fiscal year, and
(ii) 25% of the aggregate of taxable income earned in the taxation year in the province, as determined by the Minister of National Revenue under subsection 124(4) of the Income Tax Act, for all corporations having a taxation year ending in the calendar year that begins in the fiscal year.
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4 (1) The Minister
(b) shall, if there is new information available that may have a significant effect on the amount of the transfer payment related to the Canada Health Transfer or Canada Social Transfer to a province, alter an estimate of the amount of the Canada Health Transfer or Canada Social Transfer payment to be made to each province for any of the fiscal years specified in paragraphs (a) to (a.2)
(iii) during any period beginning on the first day of the final month of a quarter and ending on the twelfth day of the subsequent quarter, other than the periods specified in paragraphs (a) to (a.2), following the end of the fiscal year, until such time as the final computation under subsection 5(2) is completed; and
(c) shall, if there is new information available that may have a significant effect on the amount of the transfer payment related to the Wait Times Reduction Transfer to a province, alter an estimate of the amount of the Wait Times Reduction Transfer payment to be made to each province for any of the fiscal years specified in paragraph (a.3) during any period beginning on the first day of the final month of a quarter and ending on the 12th day of the subsequent quarter, until such time as the final computation under subsection 5(2) is completed.
(6) If an estimate establishes that an overpayment has been made to a province in respect of a fiscal year, the Minister may, subject to paragraph (3)(b), (4)(b) or (5)(b), recover the amount of the overpayment
(b) from the province as a debt due to Her Majesty in right of Canada.
(7) For the purpose of making an estimate under subsection (1), the population of a province for a fiscal year is the population of that province, as estimated by the Minister on the basis of population statistics made available to the Minister by the Chief Statistician of Canada, on
1 The following definitions apply in these Regulations.
population of a province for a fiscal year means the population of a province for a fiscal year as determined in accordance with section 2. (population d’une province pour un exercice)
transfer payment means payment of the Canada Health Transfer, Canada Social Transfer or Wait Times Reduction Transfer under the Act, as the case may be. (paiement de transfert)
(4) If a final computation made under subsection (2) establishes that an overpayment has been made to a province in respect of a fiscal year, the Minister shall recover the amount of the overpayment
