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 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) The territorial formula financing payments referred to in subsection (2) shall be allocated to each territory in the same proportion as the territorial formula financing payments referred to in subsection (1) are allocated under that subsection.

• Marginal note:Time and manner of payment

  (4) In April and May of each fiscal year beginning after March 31, 2005, the Minister shall pay 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, the Minister shall pay 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.