Newfoundland and Labrador Offshore Revenue Fiscal Equalization Offset Payments Regulations

3 (1) The Federal Minister must make an interim determination under subsection 222(2) of the Act of the fiscal equalization offset payment, if any, for the Province for a fiscal year

• (a) in the case of the fiscal year that commenced April 1, 2001,

  • (i) not later than two working days after the day on which these Regulations come into force, and

  • (ii) whenever the Federal Minister makes an estimate under any of subparagraphs 8(1)(a)(iv) to (vii) or paragraph 8(1)(b) of the Fiscal Arrangements Regulations in respect of the Province for the fiscal year;

• (b) in the case of the fiscal year that commenced April 1, 2002, whenever the Federal Minister makes an estimate under any of subparagraphs 8(1)(a)(ii) to (vii) or paragraph 8(1)(b) of the Fiscal Arrangements Regulations in respect of the Province for the fiscal year; and

• (c) in the case of each subsequent fiscal year, whenever the Federal Minister makes an estimate under subsection 8(1) of the Fiscal Arrangements Regulations in respect of the Province for the fiscal year.

(2) If the first interim determination made under subsection (1) for a fiscal year shows that a fiscal equalization offset payment may be payable to Her Majesty in right of the Province in respect of the fiscal year, the Minister of Natural Resources must pay the estimated amount of that payment to Her Majesty in right of the Province, on account of that fiscal equalization offset payment,

• (a) in the case of the fiscal year that commenced on April 1, 2001, five working days after the day on which these Regulations come into force;

• (b) in the case of the fiscal year that commenced on April 1, 2002, in equal monthly instalments on the third working day after the fifteenth day of each month that remains in the fiscal year after the day on which these Regulations come into force; and

• (c) in the case of each subsequent fiscal year, in equal monthly instalments on the third working day after the fifteenth day of each month in the fiscal year.

(3) Whenever the Federal Minister makes any other interim determination under subsection (1) for the fiscal year, during the period after the end of the fiscal year and before the final determination for the fiscal year, of the fiscal equalization offset payment referred to in that subsection and the new interim determination shows that the payment to Her Majesty in right of the Province made in accordance with the preceding interim determination for the fiscal year should be adjusted, the Minister of Natural Resources must

• (a) if any amount remains payable to Her Majesty in right of the Province, adjust the remaining instalments for the fiscal year in accordance with the new 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, adjust the remaining instalments for the fiscal year in accordance with the new interim determination, beginning with the first instalment after the date of that determination, or recover the amount of the overpayment in the month during which the determination was made, or in the following month,

  • (i) from any amount payable to Her Majesty in right of the Province under the Act, or

  • (ii) from Her Majesty in right of the Province as a debt due to Her Majesty in right of Canada.