Canada-Newfoundland Atlantic Accord Implementation Act (S.C. 1987, c. 3)

Marginal note:Transfer of powers and duties

• 210. (1) Where a tax administration agreement is entered into, the Provincial Minister, on behalf of, or as agent for, the Minister of Finance, is hereby authorized to perform all the duties and to exercise all the powers and any discretion that the Minister of Finance or the Deputy Minister of Finance has under this Part.

• Marginal note:Idem

  (2) Where a tax administration agreement is entered into, the Comptroller General of Finance of the Province may

  • (a) perform the duties and exercise any power or discretion that the Provincial Minister has under subsection (1) or otherwise under this Part; and

  • (b) designate officers of the Department of Finance of the Province to carry out such functions, perform such duties and exercise such powers as are similar to those that are carried out, exercised or performed by them on behalf of that Minister under the Newfoundland Consumption Tax Acts and the Newfoundland Insurance Companies Tax Act.

Marginal note:Imposition of corporate income tax in offshore area

• 211. (1) There shall be imposed, levied and collected under this Part in respect of the taxable income of a corporation earned in a taxation year in the offshore area, in accordance with subsection (3), the taxes, interest and penalties that would be imposed, levied and collected under the Newfoundland Income Tax Act in respect of that taxable income if the offshore area were in the Province.

• Marginal note:Exception

  (2) Notwithstanding subsection (1), where taxes are imposed under the Newfoundland Income Tax Act in respect of taxable income of a corporation earned in a taxation year in the Province and taxes would, but for this subsection, be imposed under subsection (1) in respect of that taxable income, no taxes shall be imposed under subsection (1) in respect of that taxable income.

• Marginal note:Application of Newfoundland Income Tax Act

  (3) Subject to this Act and the regulations made thereunder, the Newfoundland Income Tax Act and any regulations made thereunder apply, with such modifications as the circumstances require, for the purposes of this Part and, without limiting the generality of the foregoing,

  • (a) a reference in that Act to Her Majesty in right of the Province shall be deemed to be a reference to Her Majesty in right of Canada;

  • (b) a reference in that Act to the Province of Newfoundland or the province shall be deemed to be a reference to the offshore area;

  • (c) a reference in that Act to the “Minister of Finance” shall be deemed to be a reference to

    • (i) in relation to the remittance of any amount as or on account of tax payable under that Act, the Receiver General of Canada, and

    • (ii) in relation to any other matter, the Minister of National Revenue for Canada; and

  • (d) a reference in that Act to the “Minister of National Revenue” shall be deemed to be a reference to the Minister of National Revenue for Canada.

• Marginal note:Determination of taxable income earned in the offshore area

  (4) For the purposes of this section, the taxable income of a corporation earned in a taxation year in the offshore area or in the Province shall be determined in accordance with regulations made under paragraph 124(4)(a) of the Income Tax Act.