Federal-Provincial Fiscal Arrangements Regulations, 2007 — 19
19 (1) The definition revenue base in subsection 4(1) of the Act is, for all purposes in respect of a revenue source for a territory for a fiscal year and for the purpose of calculating the national average rate of tax as defined in that subsection in respect of a revenue source for a province for a fiscal year, more particularly defined to mean (a) in the case of revenues relating to personal income, referred to in paragraph 18(1)(a), the sum of (i) a fraction, expressed as a percentage, (A) whose numerator is the simulated average revenue yield relating to provincial or territorial personal income for the province or territory for the taxation year that ends in the fiscal year, as determined in accordance with subsection 21(2), and (B) whose denominator is the aggregate, over all provinces and territories, of the amounts referred to in clause (A), and (ii) the amount by which the percentage in clause (B) exceeds that in clause (A): (A) a fraction, expressed as a percentage, (I) whose numerator is the aggregate, over all individuals — not including trusts — in the province or territory, of the federal income tax as determined by the micro-simulation model for the taxation year that ends in the fiscal year, and (II) whose denominator is the aggregate, over all provinces and territories, of the amount referred to in subclause (I), (B) a fraction, expressed as a percentage, (I) whose numerator is the aggregate, over all individuals — including trusts — in the province or territory, of the federal income tax payable for the taxation year that ends in the fiscal year as determined for each individual, and (II) whose denominator is the aggregate, over all provinces and territories, of the amount referred to in subclause (I); (b) in the case of the revenues relating to corporate income and government business enterprises, referred to in paragraph 18(1)(b), the sum of (i) the product of the portion of the aggregate of corporate profits in Canada, before the payment of income taxes and without any deduction of the aggregate of corporate losses in Canada, that is attributable to any of the provinces or territories for the calendar year that ends in the fiscal year, as determined by Statistics Canada for the purpose of its System of Macroeconomic Accounts, and a fraction (A) whose numerator is the allocated corporation taxable income attributable to the province or territory for the fiscal year, and (B) whose denominator is the aggregate, over all provinces and territories, of the amounts referred to in clause (A), and (ii) the product, as determined on the basis of data prepared by Statistics Canada for the purpose of the Government Finance Statistics, of (A) the aggregate, over all provinces and territories, of the total profits, before the distribution of dividends, that are attributable to each province or territory for the calendar year that ends in the fiscal year from business enterprises that have a profit in that calendar year and are owned 90% or more by that province or territory, or by that province or territory and one or more other provinces or territories, excluding the profits of (I) a liquor board, commission or authority, (I.1) a cannabis board, commission or authority, (II) an enterprise engaged, entirely or primarily, in the marketing of oil or natural gas, (III) an enterprise engaged in the administration of a provincial or territorial lottery, and (IV) the Ontario Electricity Financial Corporation and the Nova Scotia Power Finance Corporation, and (B) a fraction whose numerator is the amount of the total profits referred to in clause (A) that are attributable to the province or territory less the amount by which any losses that were accumulated in the seven calendar years before that calendar year by a business enterprise referred to in that clause exceed the portion of those losses subtracted under this clause for that business enterprise in relation to that period, but only to the extent that the amount is not mo