Short Title

1 These Regulations may be cited as the Fiscal Equalization Payments Regulations, 1994.

Interpretation

2 In these Regulations,

Act

Act means the Federal-Provincial Fiscal Arrangements and Federal Post-Secondary Education and Health Contributions Act; (Loi)

working day

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

Fiscal Equalization Payments

3 The estimate of the fiscal equalization payment that may be paid pursuant to the Act for the fiscal year beginning on April 1, 1994 to each province set out in column I of an item of the schedule is the amount set out in column II of that item.

4 The Minister shall pay to each province set out in column I of an item of the schedule, on account of the amount of the estimate set out in column II of that item, an amount equal to one twenty-fourth of the amount of that estimate on the first and third working days after the fifteenth day of each month in the fiscal year beginning on April 1, 1994.

Recovery of Over-payments

5 The Minister shall, for each province, determine, for the purposes of calculating the amount of recovery of over-payments,

• (a) the net total of all over-payments and under-payments in respect of each fiscal year prior to the fiscal year beginning on April 1, 1994 in respect of

  • (i) fiscal stabilization payments and revenue guarantee payments made pursuant to the Act, the Federal-Provincial Fiscal Arrangements Regulations, 1987 and the Federal-Provincial Fiscal Arrangements Regulations, 1992,

  • (ii) fiscal equalization payments, other than the amount of the net deferral of recovery of fiscal equalization payments that results from census coverage error, made pursuant to the Act, the regulations referred to in subparagraph (i) and the Fiscal Equalization Payment Regulations, 1992, and

  • (iii) income tax payments, under tax collection agreements, that are made under the Act, the tax collection agreements and the Tax Collection Agreements and Federal Post-Secondary Education and Health Contribution Regulations, 1987; and

• (b) over-payments for the fiscal year beginning on April 1, 1994 in respect of fiscal equalization payments, fiscal stabilization payments, revenue guarantee payments, and income tax payments under the tax collection agreements, made under the Act.

6 The Minister shall not, if a province so requests, make aggregate recoveries in respect of that province in the fiscal year beginning on April 1, 1994, after offsetting the under-payments, if any, against the over-payments, as determined under section 5, in excess of $80 per capita of the population of that province for that fiscal year.