Federal-Provincial Fiscal Arrangements Regulations, 2007

16.7 (1) If the amount related to an advance – calculated under section 16.8 – on account of an additional fiscal equalization payment that may be paid to a province under section 3.71 of the Act for each fiscal year in the period is

• (a) greater than the aggregate of all previous advances made on account of that payment less the aggregate of all amounts of those previous advances that are required to be set off against other payments to the province, the Minister shall make an advance to the province in the amount of the difference before the end of the fiscal year; or

• (b) less than the aggregate of all previous advances paid for the previous fiscal years less any set-offs or recoveries for the previous fiscal years, the Minister shall set-off or recover the difference, before the end of the following fiscal year, from any payment to the province under the Act.

(2) The Minister shall calculate the advances, set-offs and recoveries for a province for a fiscal year between March 1 and March 14 of the fiscal year.