Interpretation

1 The definitions in this section apply in these Regulations.

Act

Act means the Federal-Provincial Fiscal Arrangements Act. (Loi)

working day

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

Fiscal Equalization Payments

• 2 (1) The estimate of the fiscal equalization payment that may be paid under the Act for the fiscal year beginning on April 1, 1999 to a province set out in column 1 as an item of the schedule is the amount set out in column 2 of that item.

• (2) On and after November 15, 1999, the estimate referred to in subsection (1) in relation to an item of the schedule is the amount set out in column 3 of that item.

• 3 (1) The Minister shall pay to each province set out in column 1 of an item of the schedule, on account of the amount of the estimate set out in column 2 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 15^th day of each month in the fiscal year beginning on April 1, 1999.

• (2) On and after November 15, 1999, a payment referred to in subsection (1) to a province set out in column 1 of an item to the schedule is paid on account of the estimated amount set out in column 3 of that item and the amount of the payment is one twenty-fourth of that estimated amount plus or minus any adjustment that is required to ensure that the sum of all payments paid in the fiscal year to the province will equal that estimated amount.

Recovery of Overpayments

4 The Minister shall, for each province, determine, for the purpose of calculating the amount of recovery of overpayments,

• (a) the net total of all overpayments and underpayments in respect of each fiscal year before the fiscal year beginning on April 1, 1999 in respect of

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

  • (ii) fiscal equalization payments, made under the Act and the Federal-Provincial Fiscal Arrangements Regulations, other than the amounts determined under sections 25 and 26 of those Regulations, and

  • (iii) income tax payments made under any regulations or tax collection agreements made under the Act; and

• (b) overpayments for the fiscal year beginning on April 1, 1999 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.

5 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, 1999, after offsetting the underpayments, if any, against the overpayments, as determined under section 4, in excess of $105 per capita of the population of that province for that fiscal year.

Coming into Force

6 These Regulations come into force on the day on which they are registered.