Federal-Provincial Fiscal Arrangements Regulations, 2007

16.5 (1) For each fiscal year beginning after March 31, 2008, the Minister shall make an advance on account of the fiscal equalization payment that may become payable to each province to which section 3.6 of the Act applies.

(2) The advance shall be equal to an amount that is three quarters of the estimate calculated under paragraph 14.1(1)(a) and the Minister shall make the advance to the province in 18 equal instalments, with an instalment being made on each of the first and third working days after the 15th calendar day of each month from April to December of that fiscal year.

(3) If a province is receiving an advance and, prior to December 1 of a fiscal year, makes an election under subsection 3.9(5) of the Act for that fiscal year, the Minister shall

• (a) revise the estimate calculated for that province under paragraph 14.1(1)(a) to take the effect of the election into account; and

• (b) adjust the advance in accordance with the revised estimate and apportion the adjustment equally among the remaining instalments of the advance.