Federal-Provincial Fiscal Arrangements Regulations, 2007 — 8
the marketable production of gas and gas by-products from hydrocarbon deposits in the province in the calendar year that ends in the fiscal year, as determined by Statistics Canada on the basis of its survey Oil and Gas Extraction , and (ii) the adjustment factor for natural gas referred to in subsection (5); (t) in the case of sales of Crown leases and reservations on oil and natural gas lands, described in paragraph 7(1)(t), (i) if the revenue to be equalized from those sales in the province for the fiscal year is greater than or equal to the aggregate, over the revenue sources set out in paragraphs (m), (o), (q), (r) and (s) of the definition revenue source in subsection 3.9(1) of the Act, of the product of the revenue base for that revenue source in the province for the fiscal year and the national average rate of tax for that revenue source for the fiscal year, the revenue to be equalized from those sales in the province for the fiscal year, or (ii) if the revenue to be equalized from those sales in the province for the fiscal year is less than that aggregate, that aggregate minus the lesser of (A) the positive difference of that aggregate less that revenue, and (B) any positive difference of (I) the aggregate, over the preceding fiscal years beginning on or after April 1, 1987, of the amount by which the revenue to be equalized from those sales in the province for that fiscal year is greater than what the aggregate referred to in subparagraph (i) would be if it were, for each of those fiscal years, determined as if that subparagraph applied, less (II) the aggregate, over all those preceding fiscal years, of the amount described in clause (A) or this clause, as the case may be, that is deducted under this subparagraph from the aggregate referred to in subparagraph (i); (u) in the case of oil and gas revenues described in paragraph 7(1)(u), the sum of (i) the total volume of the marketable production of oil, synthetic petroleum and condensate from hydrocarbon deposits in the province in the calendar year that ends in the fiscal year, as classified and determined by Statistics Canada on the basis of its survey Oil and Gas Extraction , and (ii) the product of 0.968 and the total volume of the net production of gas from hydrocarbon deposits in the province in the calendar year that ends in the fiscal year, as classified and determined by Statistics Canada on the basis of its survey Oil and Gas Extraction ; (v) in the case of mining revenues described in paragraph 7(1)(v), (i) if the difference that results from subtracting calculated net profits from revenue to be equalized from mining revenues in the province for the fiscal year is greater than zero, the revenue to be equalized from mining revenues in the province for the fiscal year, and (ii) if the difference that results from subtracting calculated net profits from revenue to be equalized from mining revenues in the province for the fiscal year is less than or equal to zero, the calculated net profits in the province for the fiscal year less the aggregate, over the preceding fiscal years beginning with fiscal year 2004-2005, of the positive amounts that resulted from the subtraction referred to in subparagraph (i) and that have not been deducted under this subparagraph for previous fiscal years, but that result may not be less than the revenue to be equalized from mining revenues in the province for the fiscal year; (w) in the case of water power rentals described in paragraph 7(1)(w), (i) for a province other than Quebec, British Columbia or Newfoundland and Labrador, the number of megawatt hours of electricity generated in the province by electric utilities and industrial establishments from hydro sources in the calendar year that ends in the fiscal year, as determined by Statistics Canada for the purpose of CANSIM table 127-0007, Electric power generation, by class of electricity producer , (ii) for Quebec or Newfoundland and Labrador, the product of the sum of the num