Bill C-3
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42-43 ELIZABETH II |
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CHAPTER 2 |
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An Act to amend the Federal-Provincial Fiscal
Arrangements and Federal
Post-Secondary Education and Health
Contributions Act
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[Assented to 24th March, 1994]
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| R.S., c. F-8;
R.S., cc. 22,
39, 44 (1st
Supp.), cc. 7,
15, 26, 28
(2nd Supp.),
cc. 9, 11, 31
(3rd Supp.),
cc. 7, 33, 35,
46 (4th
Supp.); 1990,
c. 39; 1991,
cc. 9, 10, 38,
51; 1992, cc.
1, 10; 1993,
cc. 28, 34
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| 1992, c. 10,
s. 2
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1. Section 3 of the Federal-Provincial
Fiscal Arrangements and Federal
Post-Secondary Education and Health
Contributions Act is replaced by the
following:
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| Fiscal
equalization
payments
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3. Subject to this Act, the Minister may pay
to a province for each fiscal year in the period
beginning on April 1, 1994 and ending on
March 31, 1999 a fiscal equalization payment
not exceeding the amount computed in
accordance with section 4.
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| 1992, c. 10,
s. 3(3)
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2. (1) The portion of subsection 4(6) of the
Act before paragraph (a) is replaced by the
following:
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| Minimum
payment to
province
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(6) Notwithstanding subsections (1) to (5),
the fiscal equalization payment that may be
paid to a province for each fiscal year in the
period beginning on April 1, 1994 and ending
on March 31, 1999 shall not be less than
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| 1992, c. 10,
s. 3(5)
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(2) Paragraph 4(9)(b) of the Act is
replaced by the following:
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(3) Section 4 of the Act is amended by
adding the following after subsection (9):
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| Adjustment of
revenue to be
equalized
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(10) Subject to subsection (11), in respect of
fiscal years beginning on or after
April 1, 1993, where a province that qualifies
for a fiscal equalization payment under this
Part in respect of the fiscal year has seventy
per cent or more of the revenue base for all of
the provinces in the fiscal year in respect of a
revenue source described in the definition
``revenue source'' in subsection (2) or the
description of which is revised or altered in
accordance with subsection (3), the revenue to
be equalized from that revenue source for all
of the provinces in respect of the fiscal year is
an amount equal to seventy per cent of the
revenue as otherwise determined from that
revenue source for all of the provinces in
respect of the fiscal year.
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| Election
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(11) In order for subsection (10) to apply in
respect of the offshore minerals revenue
included in the description set out in
paragraph (gg) of the definition ``revenue
source'' in subsection (2) as revised or altered
in accordance with subsection (3), a province
that is eligible for a fiscal equalization offset
payment in the fiscal year under the
Canada - Nova Scotia Offshore Petroleum
Resources Accord Implementation Act, or the
Canada - Newfoundland Atlantic Accord
Implementation Act, in respect of a fiscal year
beginning on or after April 1, 1993 shall make
an election, in the prescribed manner, before
the end of the calendar year ending in the
fiscal year.
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| Effect of
election under
subsection
(11)
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(12) Notwithstanding any provision of the
Canada - Nova Scotia Offshore Petroleum
Resources Accord Implementation Act or the
Canada - Newfoundland Atlantic Accord
Implementation Act, as the case may be, where
a province makes the election described in
subsection (11) for a fiscal year, the fiscal
equalization offset payment that may
otherwise be payable to the province under
that Act, in respect of that fiscal year, is zero.
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| Application of
paragraph
(9)(b)
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(13) For the purposes of paragraph (9)(b),
the fiscal equalization payments that are
determined in respect of the fiscal year
beginning on April 1, 1992 are to be
determined as if
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| 1992, c. 10,
s. 5
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3. Paragraph 9(a) of the Act is replaced
by the following:
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