Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act

Marginal note:Additional fiscal equalization offset payments for the 2012-2020 period

• 12 (1) For any fiscal year between April 1, 2012 and March 31, 2020, the Minister shall make additional fiscal equalization offset payments to the Province, determined in accordance with the formula set out in section 8 if

  • (a) the Province qualified for a fiscal equalization payment in the 2010-2011 or 2011-2012 fiscal year;

  • (b) the Province’s per capita net debt as of March 31, 2012 was not lower than that of at least four other provinces; and

  • (c) the Province receives a fiscal equalization payment for that fiscal year.

• Marginal note:Determination of per capita net debt

  (2) For the purpose of paragraph (1)(b), “per capita net debt” for a province as of March 31, 2012 means the amount determined by the Minister in accordance with the regulations.

• Marginal note:Additional fiscal equalization offset payment for 2020–2021

  (3) For the 2020-2021 fiscal year, the Minister shall make an additional fiscal equalization offset payment to the Province in the amount of $85,626,000.

• Marginal note:Extension of Canada–Nova Scotia Arrangement for 2021–2023

  (4) For any fiscal year between April 1, 2021 and March 31, 2023, the Minister shall make additional fiscal equalization offset payments to the Province, determined in accordance with the formula set out in section 8, if the Province receives a fiscal equalization payment for that fiscal year.