Marginal note:2001, c. 9, s. 465

• 108. (1) The portion of subsection 819(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Resident Canadian majority

  • 819. (1) The directors of an insurance holding company shall not transact business at a meeting of directors unless

• Marginal note:2001, c. 9, s. 465

  (2) Paragraphs 819(1)(a) and (b) of the English version of the Act are replaced by the following:

  • (a) in the case of an insurance holding company that is the subsidiary of a foreign institution, at least one half of the directors present are resident Canadians; and

  • (b) in the case of any other insurance holding company, a majority of the directors present are resident Canadians.

• Marginal note:2001, c. 9, s. 465

  (3) The portion of subsection 819(1) of the English version of the Act after paragraph (b) is repealed.

• Marginal note:2001, c. 9, s. 465

  (4) The portion of subsection 819(2) of the English version of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Exception

    (2) Despite subsection (1), the directors of an insurance holding company may transact business at a meeting of directors without the required proportion of directors who are resident Canadians if

1991, c. 48Cooperative Credit Associations Act

• 109. (1) Subsection 188(1) of the Cooperative Credit Associations Act is replaced by the following:

  Marginal note:Resident Canadian majority

  • 188. (1) The directors of an association shall not transact business at a meeting of directors unless a majority of the directors present are resident Canadians.

• (2) The portion of subsection 188(2) of the English version of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Exception

    (2) Despite subsection (1), the directors of an association may transact business at a meeting of directors without the required proportion of directors who are resident Canadians if

Division 3R.S., c. F-8; 1995, c. 17, s. 45(1)Federal-Provincial Fiscal Arrangements Act

Marginal note:2007, c. 29, s. 62; 2009, c. 2, s. 383

110. Sections 3 to 3.11 of the Federal-Provincial Fiscal Arrangements Act are replaced by the following:

111. Section 3.12 of the Act is amended by adding the following after subsection (3):

Marginal note:2007, c. 29, s. 62

• 112. (1) The portion of subsection 3.2(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:General rule

  • 3.2 (1) Subject to the other provisions of this Part, the fiscal equalization payment that may be paid to a province for a fiscal year is the amount, as determined by the Minister, equal to the greater of

• Marginal note:2009, c. 2, s. 384

  (2) Subsection 3.2(4) of the Act is repealed.

Marginal note:2007, c. 29, s. 62

113. Section 3.3 of the Act is repealed.

Marginal note:2009, c. 2, s. 385

114. Subsection 3.4(10) of the Act is repealed.

Marginal note:2009, c. 2, s. 386

• 115. (1) The definition “per capita pre-adjustment equalized fiscal capacity” in subsection 3.5(1) of the Act is replaced by the following:

  “per capita pre-adjustment equalized fiscal capacity”

  « capacité fiscale par habitant après péréquation et avant rajustement »

  “per capita pre-adjustment equalized fiscal capacity” means, in respect of a province for a fiscal year, the amount determined by the formula

  A + B + C + (E / F)

  where

  A, B, E and F

  have the same meaning as the descriptions of A, B, E and F, respectively, in the definition “total per capita fiscal capacity”; and

  C

  is the per capita equalization payment for that province for that fiscal year.

• Marginal note:2007, c. 29, s. 62

  (2) The formula in the definition “total per capita fiscal capacity” in subsection 3.5(1) of the Act is replaced by the following:

  A + B + [(C + E) / F]

• Marginal note:2007, c. 35, s. 161

  (3) The descriptions of C to E in the definition “total per capita fiscal capacity” in subsection 3.5(1) of the Act are replaced by the following:

  C

  is any fiscal equalization payment that would be paid to that province for that fiscal year if the amount of that payment were determined in accordance with section 3.2 without regard to section 3.4;

  E

  is, with respect to Nova Scotia, any amount that may be paid to that province for that fiscal year in accordance with sections 7 and 8 and 10 to 14 of the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act; and

Marginal note:2007, c. 29, s. 62, c. 35, ss. 162 and 163; 2009, c. 2, s. 387

116. The heading before section 3.6 and sections 3.6 to 3.71 of the Act are replaced by the following:

Marginal note:2007, c. 35, s. 163

• 117. (1) Paragraphs 3.72(5)(a) and (b) of the Act are replaced by the following:

  • (a) subsection (4) applies to Nova Scotia in respect of the revenue source referred to in paragraph (z.5) of the definition “revenue source” in subsection 3.9(1) only for those fiscal years in the period referred to in subsection 3.71(2) for which the application of subsection (4) would result in an increase in the amount calculated under paragraph 3.71(1)(a); and

  • (b) subsection (4) does not apply to Newfoundland and Labrador in respect of the revenue source referred to in paragraph (z.5) of the definition “revenue source” in subsection 3.9(1).

• Marginal note:2007, c. 35, s. 163

  (2) Subsection 3.72(6) of the Act is repealed.

Marginal note:2007, c. 29, s. 62

118. Section 3.8 of the Act is repealed.

Marginal note:2007, c. 29, s. 62

• 119. (1) The portion of subsection 3.9(1) of the Act before the first definition is replaced by the following:

  Marginal note:Interpretation

  • 3.9 (1) The following definitions apply in this section and in sections 3.71 and 3.72.

• Marginal note:2007, c. 35, s. 164(2)

  (2) Subsections 3.9(4) to (7) of the Act are repealed.

Marginal note:2007, c. 35, s. 165

• 120. (1) Paragraph 3.91(1)(a) of the Act is replaced by the following:

  • (a) the fiscal equalization payment that may be paid to a province under sections 3.2 and 3.4 for that fiscal year on the basis that the province makes an election under subsection 3.2(2) for that fiscal year; and

• Marginal note:2007, c. 35, s. 165

  (2) Subsections 3.91(2) to (5) of the Act are replaced by the following:

  • Marginal note:Time of calculation — section 3.72

    (2) The fiscal equalization amounts referred to in section 3.72 for a fiscal year shall be calculated no later than three months before the end of the fiscal year.

Marginal note:2007, c. 35, s. 166

121. Section 3.97 of the Act is replaced by the following:

Marginal note:2007, c. 29, s. 62

• 122. (1) The definition “revenue block” in subsection 4(1) of the Act is repealed.

• Marginal note:2007, c. 29, s. 62

  (2) The definitions “population adjusted gross expenditure escalator” and “superannuation adjustment” in subsection 4(1) of the Act are replaced by the following:

  “population adjusted gross expenditure escalator”

  « facteur de majoration des dépenses brutes rajustées en fonction de la population »

  “population adjusted gross expenditure escalator” means, in respect of a territory for a fiscal year, a factor equal to the product obtained by multiplying

  • (a) the population adjustment factor for that territory for the fiscal year

  by

  • (b) the provincial local government expenditure index for the fiscal year.

  “superannuation adjustment”

  « montant de l’indexation des pensions »

  “superannuation adjustment” means, in respect of a territory, for each fiscal year, the amount determined by the Minister of Public Works and Government Services to be equal to, with respect to the fiscal year that is two years prior to that fiscal year, the difference between the amount of the superannuation contribution that is payable by that territory under the Public Service Superannuation Act and the amount that would be payable by that territory under that Act as it read on June 16, 1999.

• Marginal note:2007, c. 29, s. 62

  (3) The formula in the definition “fiscal capacity” in subsection 4(1) of the Act is replaced by the following:

  (A + B + C) / 3

• Marginal note:2007, c. 29, s. 62

  (4) The description of D in the definition “fiscal capacity” in subsection 4(1) of the Act is repealed.

• Marginal note:2007, c. 29, s. 62

  (5) Paragraph (a) of the definition “gross expenditure base” in subsection 4(1) of the Act is replaced by the following:

  • (a) for the fiscal year beginning on April 1, 2013, an amount equal to

    • (i) $931,907,459 in respect of Yukon,

    • (ii) $1,339,030,641 in respect of the Northwest Territories, and

    • (iii) $1,465,334,373 in respect of Nunavut; and

• Marginal note:2007, c. 29, s. 62

  (6) Paragraphs (a) and (b) of the definition “revenue source” in subsection 4(1) of the Act are replaced by the following:

  • (a) revenues relating to personal income;

  • (b) revenues relating to corporate income and government business enterprises;

• (7) The definition “revenue source” in subsection 4(1) of the Act is amended by striking out “and” at the end of paragraph (f) and by adding the following after paragraph (g):

  • (h) revenues derived from property taxes and miscellaneous revenues; and

  • (i) revenues relating to consumption taxes excluding revenues derived from excise taxes.

Marginal note:2007, c. 29, s. 62

• 123. (1) Subsections 4.1(1) and (2) of the Act are replaced by the following:

  Marginal note:Territorial formula financing payments

  • 4.1 (1) Subject to the other provisions of this Act, there may be paid to a territory a territorial formula financing payment not exceeding the amounts determined under this Part for each fiscal year in the period beginning on April 1, 2014 and ending on March 31, 2019.

• (2) Section 4.1 of the Act is amended by adding the following after subsection (3):

  • Marginal note:Adjusted gross expenditure base

    (4) For the purpose of paragraph (3)(a), for the fiscal year beginning on April 1, 2014, the gross expenditure base is equal to the amount determined by the formula

    A + 0.7 (B + C + D + E – F – G – H)

    where

    A

    is the gross expenditure base that would, in the absence of this subsection, be calculated for the fiscal year;

    B

    is equal to the average adjusted yield calculated for revenues relating to personal income;

    C

    is equal to the average yield calculated for revenues relating to corporate income and government business enterprises;

    D

    is equal to the average yield calculated for revenues derived from property taxes and miscellaneous revenues;

    E

    is equal to the average yield calculated for revenues relating to consumption taxes excluding revenues derived from excise taxes;

    F

    is $63,891,572 in respect of Yukon, $125,998,429 in respect of the Northwest Territories and $104,674,613 in respect of Nunavut;

    G

    is equal to the average yield calculated for revenues derived from personal income; and

    H

    is equal to the average yield calculated for revenues derived from corporate income and government business enterprises.

  • Marginal note:Definitions

    (5) The following definitions apply in this subsection and in subsection (4).

    “average adjusted yield”

    « rendement rajusté moyen »

    “average adjusted yield” means, in respect of revenues relating to personal income of a territory for the fiscal year beginning on April 1, 2014, the amount determined by the formula

    (A + B + C) / 3

    where

    A

    is the yield for that revenue source for the fiscal year beginning on April 1, 2012, calculated by adjusting the national average rate of tax for that fiscal year to exclude the revenues to be equalized adjustment for that fiscal year from the aggregate of the revenue to be equalized for that revenue source for the fiscal year for all provinces and territories;

    B

    is the yield for that revenue source for the fiscal year beginning on April 1, 2011, calculated by adjusting the national average rate of tax for that fiscal year to exclude the revenues to be equalized adjustment for that fiscal year from the aggregate of the revenue to be equalized for that revenue source for the fiscal year for all provinces and territories; and

    C

    is the yield for that revenue source for the fiscal year beginning on April 1, 2010, calculated by adjusting the national average rate of tax for that fiscal year to exclude the revenues to be equalized adjustment for that fiscal year from the aggregate of the revenue to be equalized for that revenue source for the fiscal year for all provinces and territories.

    “average yield”

    « rendement moyen »

    “average yield” means, in respect of a given revenue source of a territory for the fiscal year beginning on April 1, 2014, the amount determined by the formula

    (A + B + C) / 3

    where

    A

    is the yield for that revenue source for the fiscal year beginning on April 1, 2012, that yield being calculated, in respect of G and H of the formula provided for in subsection (4), in accordance with the provisions of this Act and the regulations as they read on December 17, 2012;

    B

    is the yield for that revenue source for the fiscal year beginning on April 1, 2011, that yield being calculated, in respect of G and H of the formula provided for in subsection (4), in accordance with the provisions of this Act and the regulations as they read on December 17, 2012; and

    C

    is the yield for that revenue source for the fiscal year beginning on April 1, 2010, that yield being calculated, in respect of G and H of the formula provided for in subsection (4), in accordance with the provisions of this Act and the regulations as they read on December 17, 2012.

    “revenues to be equalized adjustment”

    « rajustement de revenus sujets à péréquation »

    “revenues to be equalized adjustment” means the amount determined by the Minister for the fiscal year that corresponds to the amount, for all taxpayers, of any rebate, credit or reduction in relation to revenue relating to personal income that a territory, province or one of their local governments grant in favour of a taxpayer for the fiscal year, up to a maximum that reduces to zero the amount of the taxpayer’s tax that is included in that revenue source for that fiscal year.