Federal-Provincial Fiscal Arrangements Act

Marginal note:Payment for fiscal year 2004-2005

• 4.2 (1) The Minister may, on the request of a province made in the prescribed manner on or before March 10, 2005, make a payment to the province for the fiscal year beginning on April 1, 2004 in an amount not greater than the amount by which

  • (a) the estimate, calculated by October 12, 2004, of the fiscal equalization payment referred to in subsection 4(1) for the province for the fiscal year beginning on April 1, 2004

  is less than

  • (b) the estimate, calculated by October 12, 2004, of the average of the fiscal equalization payments for the province for the fiscal years in the period beginning on April 1, 1999 and ending on March 31, 2003.

• Marginal note:Deductions

  (2) Where a province has received a payment under subsection (1), the Minister shall, in the prescribed amounts, reduce the fiscal equalization payments to the province for the fiscal years in the period beginning on April 1, 2006 and ending on March 31, 2016. If, on March 31, 2016, the total amount of that payment has not been recovered, the Minister may recover the amount remaining as a debt due to Her Majesty in right of Canada out of any sum of money that may be due or payable by Her Majesty in right of Canada to the province pursuant to this Act or any other Act of Parliament.