Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act

Marginal note:Definitions

18 The following definitions apply in this Part.

additional fiscal equalization offset payment

additional fiscal equalization offset payment means the payment that may be made under section 20, 21 or 26. (paiement de péréquation compensatoire supplémentaire)

fiscal equalization offset payment

fiscal equalization offset payment[Repealed, 2015, c. 4, s. 113]

fiscal equalization payment

fiscal equalization payment means

• (a) for the purposes of section 22, 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 24 to 26, 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. (paiement de péréquation)

offshore revenue

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 214(2)(b) of the Canada–Newfoundland and Labrador Atlantic 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 Newfoundland offshore area, within the meaning of subsection 123(1) of that Act; and

• (c) the royalties paid under the Hibernia Development Project Royalty Agreement signed on September 1, 1990, as amended from time to time. (recettes extracôtières)

petroleum

petroleum has the same meaning as in section 2 of the Canada–Newfoundland and Labrador Atlantic Accord Implementation Act. (hydro­carbures)

Province

Province means the Province of Newfoundland and Labrador. (Version anglaise seulement)