• Marginal note:Privileged information or documentation

  (2) Subject to this section, information or documentation is privileged if it is provided for the purposes of this Act or the Canada Oil and Gas Operations Act, other than Part 0.1 of that Act, or any regulation made under either Act, or for the purposes of Part II.1 of the National Energy Board Act, whether or not the information or documentation is required to be provided.

Marginal note:General or particular orders

18. Where the Board may make or issue any order or direction or prescribe any terms or conditions or do any other thing in relation to any person, the Board may do so, either generally or in any particular case or class of cases.

• (b) a document purporting to be certified by the Secretary, or by any other person authorized by the Board to certify documents for the purposes of this section, and sealed with the seal of the Board stating that a valid and subsisting document of authorization has or has not been issued by the Board to a person or persons named in the certified document, is evidence of the facts stated in it, without proof of the signature or official character of the person appearing to have signed the document and without further proof.

• (b) Fund No. 2, to which shall be credited all amounts paid in respect of that producer by Canada or a province.

CAISSES ET COMPTES

Net Income Stabilization Account in the Accounts of Canada

Marginal note:Establishment

• 15. (1) If an agreement that provides for the establishment and administration by the Government of Canada of a net income stabilization account program in respect of an agricultural product or class of agricultural products indicates that the accounts of producers participating in the program are to be in the accounts of Canada, there shall be established in the accounts of Canada a Net Income Stabilization Account.

Net Income Stabilization Accounts in Financial Institutions

Marginal note:Agreement with financial institutions

• 15.1 (1) If an agreement that provides for the establishment of a net income stabilization account program in respect of an agricultural product or class of agricultural products indicates that the accounts of producers participating in the program are to be in financial institutions, the Minister may enter into an agreement with one or more financial institutions to provide for their holding of Net Income Stabilization Accounts of producers participating in the program.

• Marginal note:Contents — terms and conditions

  (2) An agreement with a financial institution must set the terms and conditions required for the holding of Net Income Stabilization Accounts including, but not limited to, the prescribed terms and conditions and the following terms and conditions:

  • (a) the financial institution may hold only one Net Income Stabilization Account in respect of any particular producer; and

  • (b) the financial institution may permit withdrawals to be made from a Net Income Stabilization Account only as provided for in the agreement.

• Marginal note:Contents — additional provisions

  (3) In addition to the terms and conditions required by subsection (2), an agreement with a financial institution must provide for

  • (a) the nature of the investments that may be held in a Net Income Stabilization Account;

  • (b) the account transactions that the financial institution must perform in accordance with the agreement;

  • (c) the information that must be submitted to the Minister by the financial institution in the periods specified in the agreement;

  • (d) the Minister’s right of access to and right to audit any records held by the financial institution that contain information relating to the Net Income Stabilization Accounts held by it and the manner in which those rights are to be exercised;

  • (e) the penalties that may be imposed if the financial institution does not comply with the agreement;

  • (f) the terms and conditions respecting the amendment, termination or expiry of the agreement; and

  • (g) the manner of transferring Net Income Stabilization Accounts held by the financial institution on the termination or expiry of the agreement.

• Marginal note:Limit of one Account

  (4) A particular producer may hold only one Net Income Stabilization Account at financial institutions at any time in respect of the program to which the Account relates.

• Marginal note:Payments to Her Majesty

  (5) A financial institution that holds a Net Income Stabilization Account of a particular producer shall, on the direction of the Minister, pay from the Account to Her Majesty in right of Canada or in right of a province

  • (a) any amount that is owing by the producer in respect of amounts paid into the Account in excess of the producer’s entitlement under the program to which the Account relates or any other program established under this Act;

  • (b) any administrative fees or penalties under the program to which the Account relates or any other program in respect of which amounts were paid into the Account; or

  • (c) all or part of any other amount that is owing by the producer to Her Majesty.

• Marginal note:No assignments, etc.

  (6) Except for the purposes of the Agricultural Marketing Programs Act, an amount in a Net Income Stabilization Account of a producer may not be assigned or given as security, and any transaction that purports to do so is void to that extent.

• Marginal note:Exemption from attachment, etc.

  (7) An amount in a Net Income Stabilization Account of a producer is exempt from attachment, seizure and execution, except in the case of a producer who has the status of a bankrupt, or if the attachment, seizure or execution is for the purpose of satisfying the provisions of an agreement or court order relating to separation or divorce that provides for the division of the Account into separate Net Income Stabilization Accounts.

Marginal note:Ouverture

• 16. (1) Est ouvert parmi les comptes du Canada un compte intitulé « caisse d’assurance-revenu » — appelé la caisse au présent article — dans le cas où l’accord prévoit que le fédéral administrera un régime d’assurance-revenu pour un produit agricole ou une catégorie de produits agricoles.

D

is, with respect to Newfoundland and Labrador, any amount that may be paid to that province for that fiscal year under Part V of the Canada-Newfoundland Atlantic Accord Implementation Act;

• Marginal note:Deemed election — Nova Scotia

  (3.1) Nova Scotia is deemed, on the day on which this subsection comes into force, to have made the election under subsection (3) in respect of the fiscal year beginning on April 1, 2008.

Marginal note:Additional fiscal equalization payment

• 3.71 (1) If a province makes the election under subsection 3.7(3), an additional fiscal equalization payment for the period referred to in subsection (3) may be paid to that province equal to the amount by which

  • (a) the aggregate of the following amounts:

    • (i) the aggregate of the fiscal equalization amounts computed under section 3.72 for that province for all fiscal years in the period,

    • (ii) the aggregate of the amounts that would be paid to that province for all fiscal years in the period in accordance with sections 7 to 14 and 21 to 28 of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act as that Act read on April 1, 2007, computed as if the fiscal equalization payment for that province for each fiscal year in the period were equal to the fiscal equalization amount computed under section 3.72 for that province for that fiscal year, and

    • (iii) subject to subsection (2), the aggregate of the amounts, with respect to Newfoundland and Labrador, that would be paid to that province for all fiscal years in the period under Part V of the Canada-Newfoundland Atlantic Accord Implementation Act, as that Act read on April 1, 2007, computed as if the fiscal equalization payment for that province for each fiscal year in the period were equal to the fiscal equalization amount computed under section 3.72 for that province for that fiscal year, and computed in accordance with subsection 174(3) of the Budget and Economic Statement Implementation Act, 2007 if the conditions described in that subsection are met,

  is greater than

  • (b) the aggregate of the following amounts:

    • (i) the aggregate of the fiscal equalization payments paid to that province for the period,

    • (ii) the aggregate of the amounts paid to that province for the period in accordance with sections 7 to 14 and 21 to 28 of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act, and

    • (iii) the aggregate of the amounts, with respect to Newfoundland and Labrador, paid to that province for the period under Part V of the Canada-Newfoundland Atlantic Accord Implementation Act.

• Marginal note:Deeming

  (2) For each fiscal year for which subsection 3.72(4) applies to Newfoundland and Labrador by reason of paragraph 3.72(6)(a), the amount that would be paid to that province under Part V of the Canada-Newfoundland Atlantic Accord Implementation Act is deemed to be zero for the purpose of subparagraph (1)(a)(iii).

• Definition of “period”

  (3) For the purpose of subsection (1), “period” means the period beginning on April 1 of the first fiscal year in respect of which the province makes the election under subsection 3.7(3) and ending on the earlier of

  • (a) in the case of

    • (i) Nova Scotia, March 31 of the fiscal year preceding the first fiscal year with respect to which it does not meet the conditions under paragraphs 12(1)(a) and (b) of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act and is not receiving any transitional payments under section 14 of that Act, and

    • (ii) Newfoundland and Labrador, March 31 of the fiscal year preceding the first fiscal year with respect to which it does not meet the conditions under paragraphs 26(1)(a) and (b) of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act and is not receiving any transitional payments under section 28 of that Act, and

  • (b) March 31, 2020.

Marginal note:Fiscal equalization amount

• 3.72 (1) For the purpose of this section and section 3.71, the fiscal equalization amount for a province for a fiscal year is the average of

  • (a) the greater of zero and the amount determined by the formula

    (A - B) × C

    where

    A

    is the per capita equalization standard for that fiscal year,

    B

    is the aggregate of the average annual per capita yield in that province for each revenue source for that fiscal year, and

    C

    is the average annual population of that province for that fiscal year, and

  • (b) the amount determined by the formula

    D × [(E - F) × G] / H

    where

    D

    is

    • (a) for the fiscal year beginning on April 1, 2006, the product obtained by multiplying $10,900,000,000 by 1.035, and

    • (b) for each subsequent fiscal year, the product obtained by multiplying the amount computed for the immediately preceding fiscal year by 1.035,

    E

    is the five-province per capita equalization standard for that fiscal year determined under subsection (3),

    F

    is the aggregate of the average annual per capita yield in that province for each revenue source for that fiscal year,

    G

    is the average annual population of that province for that fiscal year, and

    H

    is the aggregate of the amount for each of the provinces determined by the formula

    (I - J) × K

    where

    I

    is the five-province per capita equalization standard for that fiscal year determined under subsection (3),

    J

    is the aggregate of the average annual per capita yield in the province for each revenue source for that fiscal year, and

    K

    is the average annual population of the province for that fiscal year.

• Marginal note:Clarification — paragraph (1)(a)

  (2) For the purposes of paragraph (1)(a), the Minister shall determine the per capita equalization standard for a fiscal year by computing the fiscal equalization amount for each province for that fiscal year in the manner described in that paragraph and shall, in making that determination, ensure that

  • (a) the amount determined by the following formula would be the same with respect to every province for which a fiscal equalization amount is greater than zero:

    A + (B / C)

    where

    A

    is the aggregate of the average annual per capita yield in that province for each revenue source for that fiscal year,

    B

    is the fiscal equalization amount for that province for that fiscal year, and

    C

    is the average annual population of that province for that fiscal year; and

  • (b) the aggregate of the fiscal equalization amounts for all provinces for which the fiscal equalization amount is greater than zero for that fiscal year would be equal to

    • (i) for the fiscal year beginning on April 1, 2006, the product obtained by multiplying $10,900,000,000 by 1.035, and

    • (ii) for each subsequent fiscal year, the product obtained by multiplying the amount computed for the immediately preceding fiscal year by 1.035.

• Marginal note:Clarification — paragraph (1)(b)

  (3) For the purposes of paragraph (1)(b),

  • (a) the five-province per capita equalization standard for a fiscal year is the amount determined by the formula

    (A + B + C + D + E ) / F

    where

    A

    is the product of the average annual population of Ontario for that fiscal year and the aggregate of the average annual per capita yield for each revenue source in respect of Ontario for that fiscal year,

    B

    is the product of the average annual population of Quebec for that fiscal year and the aggregate of the average annual per capita yield for each revenue source in respect of Quebec for that fiscal year,

    C

    is the product of the average annual population of Manitoba for that fiscal year and the aggregate of the average annual per capita yield for each revenue source in respect of Manitoba for that fiscal year,

    D

    is the product of the average annual population of British Columbia for that fiscal year and the aggregate of the average annual per capita yield for each revenue source in respect of British Columbia for that fiscal year,

    E

    is the product of the average annual population of Saskatchewan for that fiscal year and the aggregate of the average annual per capita yield for each revenue source in respect of Saskatchewan for that fiscal year, and

    F

    is the aggregate of the average annual population for that fiscal year of Ontario, Quebec, Manitoba, British Columbia and Saskatchewan;

  • (b) if, for a province, the value determined for F in paragraph (1)(b) is greater than the value determined for E in that paragraph, the difference between those values in relation to that province is deemed to be zero; and

  • (c) if, for a province, the value determined for J in the description of H in paragraph (1)(b) is greater than the value determined for I in that description, the difference between those values in relation to that province is deemed to be zero.

• Marginal note:Adjustment of revenue to be equalized

  (4) Subject to subsections (5) and (6), if, for a fiscal year, the fiscal equalization amount for a province determined under subsection (1) is greater than zero and that province has seventy per cent or more of the average annual revenue base for all of the provinces in that fiscal year in respect of a revenue source, the revenue to be equalized from that revenue source for all of the provinces for the purpose of determining the average annual per capita yield for each province for that revenue source for that fiscal year is an amount equal to seventy per cent of the revenue to be equalized as otherwise determined from that revenue source for all of the provinces for each of the three immediately preceding fiscal years.

• Marginal note:Nova Scotia

  (5) For the purpose of calculating the additional fiscal equalization payment that may be paid to Nova Scotia under subsection 3.71(1),

  • (a) subsection (4) applies to Nova Scotia in respect of the revenue source referred to in paragraph (z.5) of the definition “revenue source” in subsection 3.9(1) only for those fiscal years in the period referred to in subsection 3.71(3) for which the application of subsection (4) would result in an increase in the amount calculated under paragraph 3.71(1)(a); and

  • (b) subsection (4) applies to Newfoundland and Labrador in respect of the revenue source referred to in paragraph (z.5) of the definition “revenue source” in subsection 3.9(1) only for those fiscal years for which that province makes the election under subsection 3.9(5).

• Marginal note:Newfoundland and Labrador

  (6) For the purpose of calculating the additional fiscal equalization payment that may be paid to Newfoundland and Labrador under subsection 3.71(1),

  • (a) subsection (4) applies to Newfoundland and Labrador in respect of the revenue source referred to in paragraph (z.5) of the definition “revenue source” in subsection 3.9(1) only for those fiscal years in the period referred to in subsection 3.71(3) for which the application of subsection (4) would result in an increase in the amount calculated under paragraph 3.71(1)(a); and

  • (b) subsection (4) applies to Nova Scotia in respect of the revenue source referred to in paragraph (z.5) of the definition “revenue source” in subsection 3.9(1) only for those fiscal years for which that province makes the election under subsection 3.9(5).