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Nova Scotia Offshore Revenue Fiscal Equalization Offset Payments Regulations (SOR/96-249)

Regulations are current to 2024-05-28

Nova Scotia Offshore Revenue Fiscal Equalization Offset Payments Regulations

SOR/96-249

CANADA-NOVA SCOTIA OFFSHORE PETROLEUM RESOURCES ACCORD IMPLEMENTATION ACT

Registration 1996-04-30

Regulations Prescribing the Time and Manner of Making Fiscal Equalization Offset Payments in Respect of Offshore Revenue to Her Majesty in Right of Nova Scotia

P.C. 1996-631 1996-04-30

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 232 of the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation ActFootnote a, hereby makes the annexed Regulations prescribing the time and manner of making fiscal equalization offset payments in respect of offshore revenue to Her Majesty in right of Nova Scotia.

Short Title

 These Regulations may be cited as the Nova Scotia Offshore Revenue Fiscal Equalization Offset Payments Regulations.

Interpretation

 The definitions in this section apply in these Regulations.

Act

Act means  the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act. (Loi)

working day

working day means a day that is not a Saturday or a holiday. (jour ouvrable)

Application

 These Regulations apply in respect of payments or contributions that may be made under Part V of the Act in respect of a fiscal year referred to in sections 223 and 224 of the Act.

Interim Estimates

  •  (1) In respect of each fiscal year, the Minister of Finance shall make an estimate of the amount, if any, of the fiscal equalization offset payment that is payable to the Province under sections 224 and 225 of the Act for the fiscal year, not later than thirty days after the interim estimate of the amount, if any, of the fiscal equalization payment that is payable to the Province for the fiscal year under Parts I and VIII of the Fiscal Arrangements Act and the regulations made under that Act.

  • (2) Where an estimate made under subsection (1)

    • (a) shows that a fiscal equalization offset payment is payable to the Province for a fiscal year, the Federal Minister shall pay to the Province on account of the amount that is finally payable in respect of that fiscal year an amount equal to one third of the amount so estimated, on the first working day following the fifteenth day of the months of May, November and March of that fiscal year;

    • (b) shows that the amount of the fiscal equalization offset payment payable to the Province in respect of a fiscal year should be adjusted, the Federal Minister shall make the payments referred to in paragraph (a) in accordance with the new estimate;

    • (c) in the course of a fiscal year establishes that the payments to the Province made pursuant to the immediately preceding estimate in respect of that fiscal year should be adjusted, the Federal Minister shall

      • (i) if any amount remains payable to the Province, pay that amount or adjust the remaining payments, if any, in respect of that fiscal year referred to in paragraph (a) in accordance with the new estimate, beginning with the first payment following the date of that estimate, and

      • (ii) if an overpayment has been made to the Province, recover the amount of that overpayment before the end of the fiscal year

        • (A) from any amount payable to the Province under the Act, or

        • (B) from the Province as a debt due to Her Majesty in right of Canada; and

    • (d) during the period following the end of that fiscal year and before the final determination for that fiscal year establishes that the payments to the Province made pursuant to the immediately preceding estimate in respect of that fiscal year should be adjusted, the Federal Minister shall

      • (i) if any amount remains payable to the Province, pay that amount to the Province, and

      • (ii) if an overpayment has been made to the Province, recover the amount of that overpayment in the month during which the estimate was made or in the following month,

        • (A) from any amount payable to the Province under the Act, or

        • (B) from the Province as a debt due to Her Majesty in right of Canada.

Final Computation

  •  (1) At the time of the final computation by the Minister of Finance of the amount, if any, of the fiscal equalization payment that is payable to the Province for a fiscal year under Parts I and VIII of the Fiscal Arrangements Act and the regulations made under that Act, the Minister of Finance shall make the final computation of the fiscal equalization offset payment that is payable under the Act.

  • (2) The Minister of Finance shall make the final computation of the fiscal equalization offset payment under subsection (1) in respect of a fiscal year on the basis of the relevant information contained in the final computation of the fiscal equalization payment referred to in that subsection.

  • (3) Where, as a result of a final computation of the fiscal equalization offset payment made under subsection (1), there remains an outstanding amount payable to the Province in respect of a fiscal year, the Federal Minister shall pay to the Province the outstanding amount in the month during which the computation is made or within 45 days after the last day of that month.

  • (4) Where a final computation of the fiscal equalization offset payment made under subsection (1) discloses an overpayment to the Province in respect of a fiscal year, the Federal Minister shall recover the amount of that overpayment

    • (a) from any amount payable to the Province under the Act; or

    • (b) from the Province as a debt due to Her Majesty in right of Canada.

 For greater certainty, notwithstanding anything in these Regulations, every fiscal equalization offset payment made under the Act is subject to such subsequent adjustments as, in the opinion of the Minister of Finance, are necessary because of any other changes made to equalization payments in respect of the fiscal year under Parts I and VIII of the Fiscal Arrangements Act and the regulations under that Act.

Coming into Force

 These Regulations come into force on April 30, 1996.

 

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