An Act to amend the Federal-Provincial Fiscal Arrangements Act and to make consequential amendments to other Acts (fiscal equalization payments to the provinces and funding to the territories) (S.C. 2005, c. 7)

2004, c. 22Budget Implementation Act, 2004

• 8. (1) Subsections 8(1) to (3) of the Budget Implementation Act, 2004 are replaced by the following:

  Marginal note:Payment for fiscal year 2004-2005

  • 8. (1) For the fiscal year beginning on April 1, 2004, the Minister of Finance may make a cash payment to the Province of Nova Scotia in an amount equal to the aggregate of twenty-one million dollars and an amount equal to 20 per cent of the Province’s offshore minerals revenue for that fiscal year included in the description set out in paragraph (z.5) of the definition “revenue source” in subsection 4(2) of the former legislation and subparagraph 5(1)(z.5)(ii) of the Federal-Provincial Fiscal Arrangements Regulations, 1999.

  • Marginal note:Payment for fiscal year 2005-2006

    (2) For the fiscal year beginning on April 1, 2005, the Minister of Finance may make a cash payment to the Province of Nova Scotia in an amount equal to 10 per cent of the Province’s offshore minerals revenue for that fiscal year included in the description set out in paragraph (z.5) of the definition “revenue source” in subsection 4(2) of the former legislation and subparagraph 5(1)(z.5)(ii) of the Federal-Provincial Fiscal Arrangements Regulations, 1999.

  • Marginal note:Determination of offshore minerals revenue

    (3) The offshore minerals revenue of the Province of Nova Scotia for each of the fiscal years referred to in subsections (1) and (2) shall be determined by the Minister of Finance after the end of that fiscal year at the time of the final computation of the amount, if any, of the fiscal equalization payment that is payable to the Province for that fiscal year under Part I of the former legislation.

• (2) Section 8 of the Act is amended by adding the following after subsection (4):

  • Marginal note:Definition of “former legislation”

    (5) In subsections (1) to (3), “former legislation” means the Federal-Provincial Fiscal Arrangements Act as it read on May 13, 2004.