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Budget Implementation Act, 2007 (S.C. 2007, c. 29)

Assented to 2007-06-22

Transitional Provisions

Marginal note:Amounts paid before coming into force (Part I)

75. For the fiscal year beginning on April 1, 2007, the fiscal equalization payment that may be paid to a province under Part I of the Federal-Provincial Fiscal Arrangements Act, as enacted by section 62 of this Act, shall be adjusted by deducting all the amounts of fiscal equalization payments paid to that province for that fiscal year before the day on which this Act receives royal assent.

Marginal note:Amounts paid before coming into force (Part I.1)

76. For the fiscal year beginning on April 1, 2007, the territorial formula financing payment that may be paid to a territory under Part I.1 of the Federal-Provincial Fiscal Arrangements Act, as enacted by section 62 of this Act, shall be adjusted by deducting all the amounts of the territorial formula financing payments paid to that territory for that fiscal year before the day on which this Act receives royal assent.

Marginal note:Amounts paid before coming into force (Part V.1)

77. For the fiscal year beginning on April 1, 2007, the Canada Health Transfer and Canada Social Transfer payments that may be paid to a province under Part V.1 of the Federal-Provincial Fiscal Arrangements Act, as amended by sections 64 to 72 of this Act, shall be adjusted by deducting all of the Canada Health Transfer and Canada Social Transfer payments paid to that province for that fiscal year before the day on which this Act receives royal assent.

Consequential Amendments

Marginal note:1987, c. 3

Canada-Newfoundland Atlantic Accord Implementation Act

Marginal note:2004, c. 22, s. 6

78. Section 220 of the Canada-Newfoundland Atlantic Accord Implementation Act is replaced by the following:

Marginal note:Calculation

220. The fiscal equalization offset payment that is to be paid to Her Majesty in right of the Province for a fiscal year pursuant to section 219 is the amount, as determined by the Federal Minister, equal to the aggregate of

  • (a) the amount, if any, by which

    • (i) the fiscal equalization payment that would be received by Her Majesty in right of the Province for the fiscal year if the amount of that payment were determined in accordance with section 3.2 of the Federal-Provincial Fiscal Arrangements Act, without regard to section 3.4 of that Act,

    is less than

    • (ii) where the average of the per capita fiscal capacity of the Province for the fiscal years taken into account in the calculation of the fiscal equalization payment for that fiscal year is less than or equal to 70 per cent of the average, for those fiscal years, of the national average per capita fiscal capacity, 95 per cent,

    • (iii) where the average of the per capita fiscal capacity of the Province for the fiscal years taken into account in the calculation of the fiscal equalization payment for that fiscal year is less than or equal to 75 per cent but greater than 70 per cent of the average, for those fiscal years, of the national average per capita fiscal capacity, 90 per cent, or

    • (iv) where the average of the per capita fiscal capacity of the Province for the fiscal years taken into account in the calculation of the fiscal equalization payment for that fiscal year is greater than 75 per cent of the average, for those fiscal years, of the national average per capita fiscal capacity, 85 per cent

    of the aggregate of the fiscal equalization payment that would be received by Her Majesty in right of the Province if the amount of that payment were determined in accord- ance with section 3.2 of the Federal-Provincial Fiscal Arrangements Act, without regard to section 3.4 of that Act, for the fiscal year immediately preceding the fiscal year and the amount computed in accordance with this paragraph for the fiscal year immediately preceding the fiscal year, and

  • (b) the phase-out portion, in respect of the fiscal year, of the amount, as determined by the Federal Minister, by which

    • (i) the aggregate of the fiscal equalization payment that would be received by Her Majesty in right of the Province if the amount of that payment were determined in accordance with section 3.2 of the Federal-Provincial Fiscal Arrangements Act, without regard to section 3.4 of that Act, for the fiscal year immediately preceding the fiscal year and the amount computed in accordance with paragraph (a) for the fiscal year immediately preceding the fiscal year

    is greater than

    • (ii) the aggregate of the fiscal equalization payment that would be received by Her Majesty in right of the Province if the amount of that payment were determined in accordance with section 3.2 of the Federal-Provincial Fiscal Arrangements Act, without regard to section 3.4 of that Act, for the fiscal year and the amount computed in accordance with paragraph (a) for the fiscal year.