Federal-Provincial Fiscal Arrangements Act

Marginal note:Transitional payments — British Columbia

3.3 The Minister may pay to British Columbia a transitional fiscal equalization payment, for any fiscal year in the period beginning on April 1, 2008 and ending on March 31, 2010, that is equal to the amount by which

• (a) the amount of the fiscal equalization payment that would be computed for that province for that fiscal year in accordance with subsection 3.2(1) — or subsection 3.2(2) if the election described in that subsection is made — if, in computing the amount of that payment, that province’s revenue base in respect of the revenue source referred to in paragraph (d) of the definition revenue source in subsection 3.5(1) were determined in the manner set out in the regulations made for the purposes of this section

is greater than

• (b) the amount of the fiscal equalization payment that is computed for that province for that fiscal year in accordance with subsection 3.2(1) or subsection 3.2(2), as the case may be.