C-18 1 37 49-50 Elizabeth II 2001

An Act to amend the Federal-Provincial Fiscal Arrangements Act

Federal-Provincial Fiscal Arrangements Act,

An Act to amend the

Federal-Provincial Fiscal Arrangements 2001 6 14 19 2001 90146

SUMMARY

This enactment removes, for the fiscal year beginning on April 1, 1999, the ceiling that would otherwise apply to equalization payments.

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

R.S., c. 11 (3rd Supp.), s. 3(5); 1999, c. 11, s. 2(5)

The portion of subsection 4(9) of the Federal-Provincial Fiscal Arrangements Act before paragraph (

c) is replaced by the following:

Maximum payment

(9) Notwithstanding anything in this Part, where

(

a) the total amount of the fiscal equalization payments to all provinces as determined under this Part for any fiscal year commencing with the fiscal year that begins on April 1, 2000

exceeds

(

b) the amount that would result if the amount of ten billion dollars were changed by the percentage change in Canada’s gross domestic product, as determined by the Chief Statistician of Canada in the prescribed manner, from the calendar year ending on December 31, 1999 to the calendar year ending in the fiscal year,

the fiscal equalization payment to each province for the fiscal year shall be reduced by an amount equal to the product obtained by multiplying