Federal-Provincial Fiscal Arrangements Act

Marginal note:Payment for fiscal year 2005-2006

• 4.92 (1) For the fiscal year beginning on April 1, 2005, the Minister may pay a territorial formula financing payment

  • (a) to Yukon, in the amount of $487,140,000;

  • (b) to the Northwest Territories, in the amount of $714,030,000; and

  • (c) to Nunavut, in the amount of $798,830,000.

• Marginal note:Payment for fiscal year 2006-2007

  (1.1) For the fiscal year beginning on April 1, 2006, a territorial formula financing payment may be paid

  • (a) to Yukon, in the amount of $505,608,000;

  • (b) to the Northwest Territories, in the amount of $739,414,000; and

  • (c) to Nunavut, in the amount of $824,978,000.

• Marginal note:Payment for subsequent fiscal years

  (2) For each subsequent fiscal year, the amount of the territorial formula financing payments for all territories shall equal the product obtained by multiplying the aggregate of the territorial formula financing payments for all territories for the immediately preceding fiscal year by 1.035.

• Marginal note:Territorial allocation for subsequent fiscal years

  (3) With the approval of the Governor in Council, the territorial formula financing payments referred to in subsection (2) shall be allocated to each territory in the proportion that the Minister considers appropriate. The approval of the Governor in Council shall be given once in respect of the three-month period beginning on April 1, 2007 and once in respect of each subsequent three-month period, within three months before the beginning of each of those periods.

• Marginal note:Time and manner of payment

  (4) In April and May of each fiscal year beginning after March 31, 2005, there shall be paid to a territory a monthly instalment of the territorial formula financing payment equal to 16 per cent of the territory’s allocation of the aggregate territorial formula financing payment for that fiscal year. In each of the remaining ten months of the fiscal year, there shall be paid to the territory a monthly instalment of the territorial formula financing payment equal to 6.8 per cent of the territory’s allocation of the aggregate territorial formula financing payment under this section.

• Marginal note:Regulations

  (5) The Governor in Council may make regulations to change the amount of the monthly instalments or the time at which they are paid.