Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 33 of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act a, hereby makes the annexed Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Regulations. S.C. 2005, c. 30, s. 85
Interpretation
The following definitions apply in these Regulations.
Act means the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act. (Loi)
province does not include Yukon, the Northwest Territories or Nunavut. (province)
provincial and territorial general government sub-sector means that component of the provincial and territorial government sector as defined by Statistics Canada for the purposes of the Financial Management System. (sous-secteur des administrations publiques générales provinciales et territoriales)
provincial general government sub-sector[Repealed, SOR/2010-174, s. 1]
Application
These Regulations apply in respect of additional fiscal equalization offset payments that may be made to Nova Scotia or Newfoundland and Labrador under the Act in respect of any fiscal year during the period beginning on April 1, 2009 and ending on March 31, 2020.
Per Capita Net Debt
For the purpose of paragraph 12(1)(b) of the Act, “per capita net debt” for a province as of March 31, 2012 is the amount determined by the Minister in accordance with the following formula:(A – B – C – D) × E where A is the amount for the province, as of March 31, 2012, for the “liabilities” category of the provincial and territorial general government sub-sector of the Financial Management System, as determined by Statistics Canada; B is the amount for the province, as of March 31, 2012, for the “other liabilities” category of the provincial and territorial general government sub-sector of the Financial Management System, as determined by Statistics Canada; C is the amount for the province, as of March 31, 2012, for the “liabilities to pension plans” category of the provincial and territorial general government sub-sector of the Financial Management System, as determined by Statistics Canada; D is the amount for the province, as of March 31, 2012, for the “financial assets” category of the provincial and territorial general government sub-sector of the Financial Management System, as determined by Statistics Canada; and E is a fraction whose numerator is 1 and whose denominator is the last estimate of the population of the province on July 1, 2011 published by Statistics Canada prior to its determination of the value for A.
Payments
The Minister shall pay Nova Scotia or Newfoundland and Labrador, as the case may be, the amount of any additional fiscal equalization offset payment payable to that province in respect of any fiscal year during the period beginning on April 1, 2009 and ending on March 31, 2020 – other than the fiscal year beginning on April 1, 2012 – within 30 days after the day on which the Minister determines the amount in accordance with the Act.
For the fiscal year beginning on April 1, 2012, the Minister shall pay the amount of the payment within 30 days after the later of:
the day on which the Minister determines the amount, and
the day on which,
in the case of a payment payable to Nova Scotia, Statistics Canada determines the amounts for A, B, C and D in subsection 2.1(1); and
in the case of a payment payable to Newfoundland and Labrador, all provinces have released their Public Accounts for the fiscal year ending on March 31, 2012.
Coming into Force
These Regulations come into force on the day on which they are registered.