Newfoundland and Labrador Offshore Revenue Fiscal Equalization Offset Payments Regulations

4 If the final determination of the fiscal equalization offset payment under subsection 222(1) of the Act shows that

• (a) 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 shall pay to Her Majesty in right of the Province the outstanding amount in the month following that in which the final determination is made; or

• (b) there is an overpayment to Her Majesty in right of the Province in respect of the fiscal year, the Minister of Natural Resources or the Minister of Finance, as the case may be, shall recover the amount of the overpayment in the month following that in which the final determination is made

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

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