Newfoundland and Labrador Offshore Revenue Fiscal Equalization Offset Payments Regulations

4 (1) When the Federal Minister makes the final computation, under section 9 of the Fiscal Arrangements Regulations, of the amount, if any, of the fiscal equalization payment that is payable to the Province for a fiscal year, the Federal Minister must make the final determination of the fiscal equalization offset payment that is payable under the Act for the fiscal year.

(2) If, as a result of the final determination of the fiscal equalization offset payment for the Province for a fiscal year under subsection (1), 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 must pay to Her Majesty in right of the Province the outstanding amount in the month during which the final determination is made or in the following month.

(3) If the final determination of the fiscal equalization offset payment discloses an overpayment to Her Majesty in right of the Province in respect of the fiscal year, the Minister of Natural Resources must recover the amount of the overpayment in the month during which the final determination was made, or in the following month,

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

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