Federal-Provincial Fiscal Arrangements Act

Marginal note:Additional fiscal equalization payment

• 3.71 (1) If a province makes the election under subsection 3.7(3), an additional fiscal equalization payment for the period referred to in subsection (3) may be paid to that province equal to the amount by which

  • (a) the aggregate of the following amounts:

    • (i) the aggregate of the fiscal equalization amounts computed under section 3.72 for that province for all fiscal years in the period,

    • (ii) the aggregate of the amounts that would be paid to that province for all fiscal years in the period in accordance with sections 7 to 14 and 21 to 28 of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act as that Act read on April 1, 2007, computed as if the fiscal equalization payment for that province for each fiscal year in the period were equal to the fiscal equalization amount computed under section 3.72 for that province for that fiscal year, and

    • (iii) subject to subsection (2), the aggregate of the amounts, with respect to Newfoundland and Labrador, that would be paid to that province for all fiscal years in the period under Part V of the Canada-Newfoundland Atlantic Accord Implementation Act, as that Act read on April 1, 2007, computed as if the fiscal equalization payment for that province for each fiscal year in the period were equal to the fiscal equalization amount computed under section 3.72 for that province for that fiscal year, and computed in accordance with subsection 174(3) of the Budget and Economic Statement Implementation Act, 2007 if the conditions described in that subsection are met,

  is greater than

  • (b) the aggregate of the following amounts:

    • (i) the aggregate of the fiscal equalization payments paid to that province for the period,

    • (ii) the aggregate of the amounts paid to that province for the period in accordance with sections 7 to 14 and 21 to 28 of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act, and

    • (iii) the aggregate of the amounts, with respect to Newfoundland and Labrador, paid to that province for the period under Part V of the Canada-Newfoundland Atlantic Accord Implementation Act.

• Marginal note:Deeming

  (2) For each fiscal year for which subsection 3.72(4) applies to Newfoundland and Labrador by reason of paragraph 3.72(6)(a), the amount that would be paid to that province under Part V of the Canada-Newfoundland Atlantic Accord Implementation Act is deemed to be zero for the purpose of subparagraph (1)(a)(iii).

• Marginal note:Definition of period

  (3) For the purpose of subsection (1), period means the period beginning on April 1 of the first fiscal year in respect of which the province makes the election under subsection 3.7(3) and ending on the earlier of

  • (a) in the case of

    • (i) Nova Scotia, March 31 of the fiscal year preceding the first fiscal year with respect to which it does not meet the conditions under paragraphs 12(1)(a) and (b) of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act and is not receiving any transitional payments under section 14 of that Act, and

    • (ii) Newfoundland and Labrador, March 31 of the fiscal year preceding the first fiscal year with respect to which it does not meet the conditions under paragraphs 26(1)(a) and (b) of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act and is not receiving any transitional payments under section 28 of that Act, and

  • (b) March 31, 2020.