Federal-Provincial Fiscal Arrangements Regulations, 2007

16.2 If a province makes an election under subsection 3.7(3) of the Act after the beginning of the fiscal year and the Minister determines under subsections 3.2 and 3.4 of the Act that a fiscal equalization payment is to be made to the province for that fiscal year the Minister shall

• (a) adjust the payment such that amounts paid to the province for that fiscal year under section 3.6 of the Act, net of recoveries, and any advances made on account of a payment under that section, are set off against the payment to be made; and

• (b) either apportion the adjusted payment equally among the remaining instalments, with an instalment being made on each of the first and third working days after the 15th calendar day of each remaining month in the fiscal year or recover any overpayment.