Canada–Newfoundland and Labrador Atlantic Accord Implementation Act

Marginal note:Revenue Fund

• 214 (1) There shall be established in the accounts of Canada an account to be known as the Newfoundland Offshore Petroleum Resource Revenue Fund.

• Marginal note:Change of name

  (1.1) The name of the Newfoundland Offshore Petroleum Resource Revenue Fund is changed to Newfoundland and Labrador Offshore Petroleum Resource Revenue Fund.

• Marginal note:References

  (1.2) A reference in any contract, document, instrument, proclamation or order in council to the Newfoundland Offshore Petroleum Resource Revenue Fund is, unless the context otherwise requires, to be read as a reference to the Newfoundland and Labrador Offshore Petroleum Resource Revenue Fund.

• Marginal note:Payment

  (2) The Federal Minister shall, at the times and in the manner prescribed,

  • (a) credit the Revenue Fund with

    • (i) where the Government of the Province has agreed to collect and is collecting in accordance with a tax administration agreement entered into pursuant to section 209, on behalf of the Government of Canada, taxes, interest, penalties and other sums payable under sections 207 and 208, an amount equal to the aggregate of the amounts on account of taxes, interest, penalties and other sums collected pursuant to those sections during any fiscal year, after taking into account any refunds, remissions or other payments that are applicable in respect of such taxes, interest, penalties and other sums,

    • (ii) an amount equal to the aggregate of the amounts assessed or reassessed in respect of any fiscal year on account of taxes imposed pursuant to section 211, after taking into account any credits, reductions, deductions, rebates, surtaxes and remissions that are applicable in respect of such taxes,

    • (iii) where the Government of the Province and the Board have entered into an agreement pursuant to section 98 and the Board is collecting, in accordance with the agreement, on behalf of the Government of Canada, royalties payable under section 97, an amount equal to the aggregate of such royalties that have been collected during any fiscal year, and

    • (iv) an amount equal to the aggregate of any amounts, other than those referred to in subparagraph (iii), received and not required to be returned during any fiscal year under Part II or any regulations made thereunder; and

  • (b) pay to Her Majesty in right of the Province, at the time and in the manner prescribed, any amount credited to the Revenue Fund pursuant to paragraph (a).

• Marginal note:Excess recoverable

  (3) Where, pursuant to subsection (2), Her Majesty in right of the Province has received any amount in excess of the amount to which it is entitled, the Federal Minister may recover as a debt due to Her Majesty in right of Canada an amount equal to such excess from any moneys that may be or may become payable to Her Majesty in right of the Province pursuant to subsection (2) or under any other Act of Parliament.