Federal-Provincial Fiscal Arrangements Regulations, 2007

(A + B + C) - (D + E + F) + (G - H)

where

A

is the aggregate of the fiscal equalization amounts computed under section 3.72 of the Act for the province for each fiscal year in the period up to and including the fiscal year for which the advance is calculated,

B

is the aggregate of the additional fiscal equalization offset payments and transitional payments that would be paid to the province, for each fiscal year in the period up to and including the fiscal year for which the advance is calculated, under the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act if those payments were calculated

• (i) in accordance with that Act as it read on April 1, 2007,

• (ii) without regard to the restrictions set out in sections 9 and 23 of that Act, and

• (iii) as if the fiscal equalization payment for the province, for each of those fiscal years, were equal to the fiscal equalization amount computed under section 3.72 of the Act,

C

is the aggregate of the amounts that would be paid to the province for each fiscal year in the period up to and including the fiscal year for which the advance is calculated, under Part V of the Canada-Newfoundland Atlantic Accord Implementation Act if those amounts were calculated

• (i) in accordance with that Act as it read on April 1, 2007,

• (ii) as if the fiscal equalization payment for the province, for each of those fiscal years, were equal to the fiscal equalization amount computed under section 3.72 of the Act,

• (iii) in accordance with subsection 174(3) of the Budget and Economic Statement Implementation Act, 2007 if the conditions described in that subsection are met, and

• (iv) on the assumption that for each fiscal year for which subsection 3.72(4) of the Act were to apply by reason of paragraph 3.72(6)(a) of the Act, the amount paid to the province under Part V were zero,

D

is the aggregate of the fiscal equalization payments determined to be payable to the province under sections 3.2 and 3.4 of the Act for each fiscal year in the period up to and including the fiscal year for which the advance is calculated,

E

is the aggregate of the additional fiscal equalization offset payments and transitional payments that would be paid to the province under the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act for each fiscal year in the period up to and including the fiscal year for which the advance is calculated, if those payments were calculated without regard to the restrictions set out in sections 9 and 23 of that Act,

F

is the aggregate of the amounts determined to be payable to the province under Part V of the Canada-Newfoundland Atlantic Accord Implementation Act for each fiscal year in the period up to and including the fiscal year for which the advance is calculated,

G

is the amount by which, for the fiscal year beginning on April 1, 2011, $830,000,000 in the case of Nova Scotia, and $2,000,000,000 in the case of Newfoundland and Labrador, exceeds the aggregate of

• (i) the aggregate of the additional fiscal equalization offset payments determined to be payable to the province under the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act, calculated without regard to the restrictions set out in sections 9 and 23 of that Act, for each fiscal year beginning on or after April 1, 2004 up to and including the earlier of the fiscal year preceding the first fiscal year of the period and the fiscal year beginning on April 1, 2011, and

• (ii) the aggregate of the additional fiscal equalization offset payments that would be payable to the province under that Act for each fiscal year in the period up to and including the fiscal year beginning on April 1, 2011, if the payments were calculated

• (A) in accordance with that Act as it read on April 1, 2007,

• (B) without regard to the restrictions set out in sections 9 and 23 of that Act, and

• (C) as if the fiscal equalization payment for the province, for each of those fiscal years, were equal to the fiscal equalization amount calculated under section 3.72 of the Act,

H

is the amount by which, for the fiscal year beginning on April 1, 2011, $830,000,000 in the case of Nova Scotia, and $2,000,000,000 in the case of Newfoundland and Labrador, exceeds the aggregate of the additional fiscal equalization offset payments determined to be payable to the province under the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act, calculated without regard to the restrictions set out in sections 9 and 23 of that Act, for the fiscal year beginning on April 1, 2004 and for each subsequent fiscal year up to and including the fiscal year beginning on April 1, 2011.