Vol. 142, No. 26 — December 24, 2008

Registration

SOR/2008-320 December 12, 2008

CANADA-NEWFOUNDLAND ATLANTIC ACCORD IMPLEMENTATION ACT

Regulations Amending the Newfoundland and Labrador Offshore Revenue Fiscal Equalization Offset Payments Regulations

P.C. 2008-1927 December 12, 2008

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 227 (see footnote a) of the Canada-Newfoundland Atlantic Accord Implementation Act(see footnote b), hereby makes the annexed Regulations Amending the Newfoundland and Labrador Offshore Revenue Fiscal Equalization Offset Payments Regulations.

REGULATIONS AMENDING THE NEWFOUNDLAND AND LABRADOR OFFSHORE REVENUE FISCAL EQUALIZATION OFFSET PAYMENTS REGULATIONS

AMENDMENTS

1. The definition “Fiscal Arrangements Regulations” in section 1 of the Newfoundland and Labrador Offshore Revenue Fiscal Equalization Offset Payments Regulations (see footnote 1) is repealed.

2. Sections 3 to 5 of the Regulations are replaced by the following:

3. (1) The Federal Minister shall make two interim determinations under subsection 222(2) of the Act in respect of the fiscal equalization offset payment, if any, for the Province for the fiscal year, with the first being made no later than three months before the beginning of the fiscal year and the second being made no later than three months before the end of the fiscal year.

(2) If the first interim determination shows that a fiscal equalization offset payment may be payable to Her Majesty in right of the Province in respect of a fiscal year, the Minister of Natural Resources shall pay the estimated amount of that payment to Her Majesty in right of the Province, on account of that fiscal equalization offset payment, in equal monthly instalments on the third working day after the fifteenth day of each month in the fiscal year.

(3) If the second interim determination shows that the payment to Her Majesty in right of the Province made in accordance with the first interim determination needs to be adjusted,

(a) if any amount remains payable to Her Majesty in right of the Province, the Minister of Natural Resources shall adjust the remaining instalments for the fiscal year in accordance with the second interim determination, beginning with the first instalment after the date of that determination, or pay that amount to Her Majesty in right of the Province; and

(b) if an overpayment has been made to Her Majesty in right of the Province, the Minister of Natural Resources or the Minister of Finance, as the case may be, shall recover the amount of the overpayment in the month during which that determination is made, or in the following month,

(i) from any amount payable to Her Majesty in right of the Province under the Act or the Federal-Provincial Fiscal Arrangements Act, or

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

FINAL DETERMINATION

4. If the final determination of the fiscal equalization offset payment under subsection 222(1) of the Act shows that

(a) there remains an outstanding amount payable to Her Majesty in right of the Province in respect of the fiscal year, the Minister of Natural Resources shall pay to Her Majesty in right of the Province the outstanding amount in the month following that in which the final determination is made; or

(b) there is an overpayment to Her Majesty in right of the Province in respect of the fiscal year, the Minister of Natural Resources or the Minister of Finance, as the case may be, shall recover the amount of the overpayment in the month following that in which the final determination is made

(i) from any amount payable to Her Majesty in right of the Province under the Act or the Federal-Provincial Fiscal Arrangements Act, or

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

5. For greater certainty, despite any other provisions of these Regulations, every fiscal equalization offset payment made under the Act is subject to any subsequent adjustments that are necessary because of any adjustments made to equalization payments in respect of the fiscal year under the Federal-Provincial Fiscal Arrangements Act or its regulations.

COMING INTO FORCE

3. These Regulations come into force on the day on which they are registered.

N.B. The Regulatory Impact Analysis Statement for these Regulations appears, following SOR/2008-318, Regulations Amending the Federal-Provincial Fiscal Arrangements Act and the Federal-Provincial Fiscal Arrangements Regulations, 2007.

Footnote a
S.C. 1994, c. 41, s. 37(1)(a)

Footnote b
S.C. 1987, c. 3

Footnote 1
SOR/2002-302

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