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Version of document from 2014-12-31 to 2020-07-28:

Newfoundland and Labrador Offshore Revenue Fiscal Equalization Offset Payments Regulations

SOR/2002-302

CANADA–NEWFOUNDLAND AND LABRADOR ATLANTIC ACCORD IMPLEMENTATION ACT

CANADA-NEWFOUNDLAND ATLANTIC ACCORD IMPLEMENTATION ACT

Registration 2002-08-08

Newfoundland and Labrador Offshore Revenue Fiscal Equalization Offset Payments Regulations

P.C. 2002-1395  2002-08-08

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 227Footnote a of the Canada-Newfoundland Atlantic Accord Implementation ActFootnote b, hereby makes the annexed Newfoundland and Labrador Offshore Revenue Fiscal Equalization Offset Payments Regulations.

Interpretation

 The following definitions apply in these Regulations.

Act

Act means the Canada–Newfoundland and Labrador Atlantic Accord Implementation Act. (Loi)

Fiscal Arrangements Regulations

Fiscal Arrangements Regulations [Repealed, SOR/2008-320, s. 1]

working day

working day means a day that is not a Saturday or a holiday. (jour ouvrable)

  • SOR/2008-320, s. 1
  • 2014, c. 13, s. 116

Application

 These Regulations apply in respect of payments under Part V of the Act in respect of a fiscal year referred to in section 219 of the Act.

Interim Determinations

  •  (1) The Federal Minister shall make two interim determinations under subsection 222(2) of the Act in respect of the fiscal equalization offset payment, if any, for the Province for the fiscal year, with the first being made no later than three months before the beginning of the fiscal year and the second being made no later than three months before the end of the fiscal year.

  • (2) If the first interim determination shows that a fiscal equalization offset payment may be payable to Her Majesty in right of the Province in respect of a fiscal year, the Minister of Natural Resources shall pay the estimated amount of that payment to Her Majesty in right of the Province, on account of that fiscal equalization offset payment, in equal monthly instalments on the third working day after the fifteenth day of each month in the fiscal year.

  • (3) If the second interim determination shows that the payment to Her Majesty in right of the Province made in accordance with the first interim determination needs to be adjusted,

    • (a) if any amount remains payable to Her Majesty in right of the Province, the Minister of Natural Resources shall adjust the remaining instalments for the fiscal year in accordance with the second interim determination, beginning with the first instalment after the date of that determination, or pay that amount to Her Majesty in right of the Province; and

    • (b) if an overpayment has been made to Her Majesty in right of the Province, the Minister of Natural Resources or the Minister of Finance, as the case may be, shall recover the amount of the overpayment in the month during which that determination is made, or in the following month,

  • SOR/2008-320, s. 2

Final Determination

 If the final determination of the fiscal equalization offset payment under subsection 222(1) of the Act shows that

  • (a) there remains an outstanding amount payable to Her Majesty in right of the Province in respect of the fiscal year, the Minister of Natural Resources shall pay to Her Majesty in right of the Province the outstanding amount in the month following that in which the final determination is made; or

  • (b) there is an overpayment to Her Majesty in right of the Province in respect of the fiscal year, the Minister of Natural Resources or the Minister of Finance, as the case may be, shall recover the amount of the overpayment in the month following that in which the final determination is made

  • SOR/2008-320, s. 2

 For greater certainty, despite any other provisions of these Regulations, every fiscal equalization offset payment made under the Act is subject to any subsequent adjustments that are necessary because of any adjustments made to equalization payments in respect of the fiscal year under the Federal-Provincial Fiscal Arrangements Act or its regulations.

  • SOR/2008-320, s. 2

Coming into Force

 These Regulations come into force the day on which they are registered.

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