Interpretation

1 The following definitions apply in these Regulations.

Act

Act means the Canada-Newfoundland Atlantic Accord Implementation Act. (Loi)

Fiscal Arrangements Regulations

Fiscal Arrangements Regulations means the Federal-Provincial Fiscal Arrangements Regulations, 1999. (Règlement sur les arrangements fiscaux)

working day

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

Application

2 These Regulations apply in respect of payments under Part V of the Act in respect of a fiscal year referred to in section 219 of the Act.

Interim Determinations

• 3 (1) The Federal Minister must make an interim determination under subsection 222(2) of the Act of the fiscal equalization offset payment, if any, for the Province for a fiscal year

  • (a) in the case of the fiscal year that commenced April 1, 2001,

    • (i) not later than two working days after the day on which these Regulations come into force, and

    • (ii) whenever the Federal Minister makes an estimate under any of subparagraphs 8(1)(a)(iv) to (vii) or paragraph 8(1)(b) of the Fiscal Arrangements Regulations in respect of the Province for the fiscal year;

  • (b) in the case of the fiscal year that commenced April 1, 2002, whenever the Federal Minister makes an estimate under any of subparagraphs 8(1)(a)(ii) to (vii) or paragraph 8(1)(b) of the Fiscal Arrangements Regulations in respect of the Province for the fiscal year; and

  • (c) in the case of each subsequent fiscal year, whenever the Federal Minister makes an estimate under subsection 8(1) of the Fiscal Arrangements Regulations in respect of the Province for the fiscal year.

• (2) If the first interim determination made under subsection (1) for a fiscal year shows that a fiscal equalization offset payment may be payable to Her Majesty in right of the Province in respect of the fiscal year, the Minister of Natural Resources must pay the estimated amount of that payment to Her Majesty in right of the Province, on account of that fiscal equalization offset payment,

  • (a) in the case of the fiscal year that commenced on April 1, 2001, five working days after the day on which these Regulations come into force;

  • (b) in the case of the fiscal year that commenced on April 1, 2002, in equal monthly instalments on the third working day after the fifteenth day of each month that remains in the fiscal year after the day on which these Regulations come into force; and

  • (c) in the case of each subsequent fiscal year, in equal monthly instalments on the third working day after the fifteenth day of each month in the fiscal year.

• (3) Whenever the Federal Minister makes any other interim determination under subsection (1) for the fiscal year, during the period after the end of the fiscal year and before the final determination for the fiscal year, of the fiscal equalization offset payment referred to in that subsection and the new interim determination shows that the payment to Her Majesty in right of the Province made in accordance with the preceding interim determination for the fiscal year should be adjusted, the Minister of Natural Resources must

  • (a) if any amount remains payable to Her Majesty in right of the Province, adjust the remaining instalments for the fiscal year in accordance with the new interim determination, beginning with the first instalment after the date of that determination, or pay that amount to Her Majesty in right of the Province; and

  • (b) if an overpayment has been made to Her Majesty in right of the Province, adjust the remaining instalments for the fiscal year in accordance with the new interim determination, beginning with the first instalment after the date of that determination, or recover the amount of the overpayment in the month during which the determination was made, or in the following month,

    • (i) from any amount payable to Her Majesty in right of the Province under the Act, or

    • (ii) from Her Majesty in right of the Province as a debt due to Her Majesty in right of Canada.

Final Determination

• 4 (1) When the Federal Minister makes the final computation, under section 9 of the Fiscal Arrangements Regulations, of the amount, if any, of the fiscal equalization payment that is payable to the Province for a fiscal year, the Federal Minister must make the final determination of the fiscal equalization offset payment that is payable under the Act for the fiscal year.

• (2) If, as a result of the final determination of the fiscal equalization offset payment for the Province for a fiscal year under subsection (1), there remains an outstanding amount payable to Her Majesty in right of the Province in respect of the fiscal year, the Minister of Natural Resources must pay to Her Majesty in right of the Province the outstanding amount in the month during which the final determination is made or in the following month.

• (3) If the final determination of the fiscal equalization offset payment discloses an overpayment to Her Majesty in right of the Province in respect of the fiscal year, the Minister of Natural Resources must recover the amount of the overpayment in the month during which the final determination was made, or in the following month,

  • (a) from any amount payable to Her Majesty in right of the Province under the Act; or

  • (b) from Her Majesty in right of the Province as a debt due to Her Majesty in right of Canada.

5 For greater certainty, despite any other provisions of these Regulations, every fiscal equalization offset payment made under the Act is subject to any subsequent adjustments that are necessary because of any adjustments made to equalization payments in respect of the fiscal year under section 10 of the Fiscal Arrangements Regulations.

Coming into Force

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