Canada–Newfoundland and Labrador Atlantic Accord Implementation Act

Marginal note:Calculation of fiscal equalization offset payment

220 The fiscal equalization offset payment that is to be paid to Her Majesty in right of the Province, for a fiscal year pursuant to section 219 is the amount, as determined by the Federal Minister, equal to the aggregate of

• (a) the amount, if any, by which

  • (i) the fiscal equalization payment that may be paid to Her Majesty in right of the Province for the fiscal year under Part I of the Fiscal Arrangements Act

  is less than

  • (ii) where the per capita fiscal capacity of the Province for the fiscal year is less than or equal to seventy per cent of the national average per capita fiscal capacity for the fiscal year, ninety-five per cent,

  • (iii) where the per capita fiscal capacity of the Province for the fiscal year is less than or equal to seventy-five per cent of the national average per capita fiscal capacity for the fiscal year but greater than seventy per cent of the national average per capita fiscal capacity for the fiscal year, ninety per cent, or

  • (iv) where the per capita fiscal capacity of the Province for the fiscal year is greater than seventy-five per cent of the national average per capita fiscal capacity for the fiscal year, eighty-five per cent

  of the aggregate of the fiscal equalization payment that may be paid to Her Majesty in right of the Province under Part I of the Fiscal Arrangements Act for the fiscal year immediately preceding the fiscal year and the amount computed in accordance with this paragraph for the fiscal year immediately preceding the fiscal year; and

• (b) the phase-out portion, in respect of the fiscal year, of the amount, as determined by the Federal Minister, by which

  • (i) the aggregate of the fiscal equalization payment that may be paid to Her Majesty in right of the Province under Part I of the Fiscal Arrangements Act for the fiscal year immediately preceding the fiscal year and the amount computed in accordance with paragraph (a) for the fiscal year immediately preceding the fiscal year

  is greater than

  • (ii) the aggregate of the fiscal equalization payment that may be paid to Her Majesty in right of the Province under Part I of the Fiscal Arrangements Act for the fiscal year and the amount computed in accordance with paragraph (a) for the fiscal year.