Canada Health Transfer, Canada Social Transfer and Wait Times Reduction Transfer Regulations
3 (1) For the purposes of clause 24.7(1)(b)(ii)(A) of the Act, the relevant revenue bases for a province for a fiscal year shall be determined as follows:
(a) with respect to personal income taxes, by aggregating
(i) 75% of the assessed federal individual income tax applicable to the province for the taxation year ending in the fiscal year, as determined by the Minister of National Revenue, and
(ii) 25% of the assessed federal individual income tax applicable to the province for the taxation year beginning in the fiscal year, as determined by the Minister of National Revenue; and
(b) with respect to corporation income taxes, by aggregating
(i) 75% of the aggregate of taxable income earned in the taxation year in the province, as determined by the Minister of National Revenue under subsection 124(4) of the Income Tax Act, for all corporations having a taxation year ending in the calendar year that ends in the fiscal year, and
(ii) 25% of the aggregate of taxable income earned in the taxation year in the province, as determined by the Minister of National Revenue under subsection 124(4) of the Income Tax Act, for all corporations having a taxation year ending in the calendar year that begins in the fiscal year.
(2) For the purposes of clause 24.7(1)(b)(ii)(B) of the Act, the amount of equalization referred to in subparagraph 24.7(1)(b)(ii) of the Act shall be increased by the amount determined by the following formula, if subsection 4(6) of the Act applies in respect of a province for a fiscal year:
P × [A × C/B]
where
- P
- is the population of the province for the fiscal year;
- A
- is the average per capita yield in the provinces of Ontario, Quebec, Manitoba, British Columbia and Saskatchewan for the revenue sources referred to in subsection 24.7(2) of the Act for the fiscal year;
- B
- is the average per capita yield in the provinces of Ontario, Quebec, Manitoba, British Columbia and Saskatchewan for all revenue sources for the fiscal year, under subsection 4(1) of the Act; and
- C
- is the amount by which
(a) the equalization payment for the province determined in accordance with subsection 4(6) of the Act divided by the population of the province for that fiscal year
exceeds
(b) the equalization payment for the province, determined in accordance with subsection 4(1) of the Act, divided by the population of the province for that fiscal year.
- Date modified: