GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 (a)
Canadian development expense has the meaning assigned by paragraph 66.2(5)(a) of the Income Tax Act , except that (a) there shall be excluded from that meaning any Canadian exploration and development overhead expense, and (b) all that portion of that paragraph following clause (vii)(C) thereof shall be read as follows: “but any amount of assistance or benefit that a taxpayer has received, is entitled to receive or can reasonably be expected to receive after May 25, 1976 from a government, municipality or other public authority in respect of or related to his Canadian development expense, whether as a grant, subsidy, forgivable loan, deduction from royalty or tax, investment allowance or any other form of assistance or benefit, other than an investment tax credit in respect of a qualified Canadian exploration expenditure, shall reduce the amount of any of the expenses described in any of subparagraphs (i) to (v); and”; ( frais d’aménagement au Canada )
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
Canadian exploration and development overhead expense has the meaning assigned by subsection 1206(1) of the Income Tax Regulations ; ( frais généraux d’exploration et d’aménagement au Canada )
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 (a)
Canadian exploration expense has the meaning assigned by paragraph 66.1(6)(a) of the Income Tax Act , except that (a) there shall be excluded from that meaning any Canadian exploration and development overhead expense and any expense referred to in subparagraph (i) thereof, (b) any reference in that paragraph to any expense incurred in drilling or completing an oil or gas well in Canada shall be read as including, with such modifications as the circumstances require, a reference to (i) any expense incurred in respect of an exploratory probe in the offshore area, and (ii) any expense incurred in respect of a well in relation to a three dimensional seismic survey, an engineering study or an analytical study for the purpose of determining the location or extent of an accumulation of petroleum in the offshore area, and (c) all that portion of that paragraph following clause (vii)(C) thereof shall be read as follows: “but any amount of assistance or benefit that a taxpayer has received, is entitled to receive or can reasonably be expected to receive after May 25, 1976 from a government, municipality or other public authority in respect of or related to a Canadian exploration expense, whether as a grant, subsidy, forgivable loan, deduction from royalty or tax, investment allowance or any other form of assistance or benefit, other than an investment tax credit in respect of a qualified Canadian exploration expenditure, shall reduce the amount of any of the expenses described in any of subparagraphs (i) to (v); and”; ( frais d’exploration au Canada )
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
investment tax credit has the meaning assigned by subsection 127(9) of the Income Tax Act ; ( crédit d’impôt à l’investissement )
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
Nova Scotia Resources (Ventures) Limited means the company incorporated on November 20, 1981 under the Companies Act , Chapter 42 of the Revised Statutes of Nova Scotia, 1967; ( Société )
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
qualified Canadian exploration expenditure has the meaning assigned by subsection 127(9) of the Income Tax Act . ( dépense admissible d’exploration au Canada )
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 240
Assistance to Nova Scotia Resources (Ventures) Limited 240 (1) Subject to subsection (2), the Federal Minister may, on application, make payments to Nova Scotia Resources (Ventures) Limited in respect of Canadian exploration expenses and Canadian development expenses incurred by Nova Scotia Resources (Ventures) Limited that could contribute to early development of petroleum in the offshore area. Limitation (2) Payments made by the Federal Minister pursuant to subsection (1) shall not exceed fifty per cent of the aggregate of the Canadian exploration expenses and Canadian development expenses incurred in respect of wells (a) subject to paragraph (b), the drilling of which began during the period commencing on August 27, 1986 and ending on December 31, 1991, or (b) in the case of expenses referred to in subparagraph (b)(ii) of the definition Canadian exploration expense in section 239, during the period referred to in paragraph (a), to the extent that those expenses are reasonable in the circumstances.
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 241
Transitional assistance 241 The Federal Minister may, on application, make payments to Nova Scotia Resources (Ventures) Limited equal, in the aggregate, to the amount of interest incurred by Nova Scotia Resources (Ventures) Limited on money borrowed in order to finance activities in relation to the exploration or development of oil or gas in the offshore area to the extent that (a) the cost of the interest is reasonable in the circumstances; (b) the interest was incurred during the period commencing on August 27, 1986 and ending on the date on which this Part comes into force; and (c) the interest is in respect of borrowed money that, in the aggregate, is equal to or less than the aggregate of all amounts payable by the Federal Minister pursuant to section 240 in respect of expenses incurred during the period referred to in paragraph (b).
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 242
Appropriation 242 There may be paid out of the Consolidated Revenue Fund, for the purpose of making payments pursuant to sections 240 and 241, amounts not exceeding, in the aggregate, the sum of twenty-five million dollars.
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 243
Documents, records and books 243 Nova Scotia Resources (Ventures) Limited shall keep documents, records and books of account at a place of business or other prescribed place in Canada in such form and containing such information as will enable the Federal Minister to determine the amount of any payment that should be made pursuant to section 240 or 241.
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 244
Audit or examination 244 Nova Scotia Resources (Ventures) Limited shall, for the purpose of audit or examination, (a) make the documents, records and books of account kept pursuant to section 243 available at all reasonable times to any person authorized by the Federal Minister for the purpose; and (b) give all reasonable assistance to a person authorized by the Federal Minister to carry out the audit or examination, provide access to all relevant sites, answer, orally or in writing, as required, all questions relating to the audit or examination and provide all information, documentation and copies required for the purpose of the audit or examination.
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 245
Regulations 245 Subject to section 6, the Governor in Council may make regulations for carrying out the purposes and provisions of this Part and, without restricting the generality of the foregoing, may make regulations (a) prescribing the manner of making an application for payment under this Part and the time when it is to be made; (b) where the Federal Minister has made an overpayment under this Part, requiring Nova Scotia Resources (Ventures) Limited to repay such overpayment and interest thereon to the Federal Minister in accordance with the regulations and prescribing the amount of interest to be paid in respect of such an overpayment and the manner in which and time when the amount of any such overpayment and any interest thereon is to be repaid; and (c) permitting, in the calculation of Canadian development expenses or Canadian exploration expenses, any expense to be included that would otherwise be excluded pursuant to paragraph (a) of the definition of that term in section 239. 1988, c. 28, s. 245; 1994, c. 26, s. 17(F)
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 246
Definitions 246 (1) In this Part, average annual cost to the Province of borrowing money means the average annual rate of interest, determined in the manner prescribed, that would be incurred by the Province on borrowed money if the money were borrowed during the period of twelve months immediately preceding the date of the determination of the threshold rate of return; ( coût d’emprunt annuel moyen ) deemed profit [Repealed, 2009, c. 31, s. 47] fiscal incentive [Repealed, 2009, c. 31, s. 47] former Act [Repealed, 2009, c. 31, s. 47] offshore revenue threshold [Repealed, 2009, c. 31, s. 47] project means a work or activity resulting in the production of petroleum in the offshore area that is required to be authorized pursuant to paragraph 142(1)(b). ( projet ) threshold rate of return [Repealed, 2009, c. 31, s. 47] (2) [Repealed, 2015, c. 4, s. 105] 1988, c. 28, s. 246; 2009, c. 31, s. 47; 2015, c. 4, s. 105
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
average annual cost to the Province of borrowing money means the average annual rate of interest, determined in the manner prescribed, that would be incurred by the Province on borrowed money if the money were borrowed during the period of twelve months immediately preceding the date of the determination of the threshold rate of return; ( coût d’emprunt annuel moyen )
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
deemed profit [Repealed, 2009, c. 31, s. 47]
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
fiscal incentive [Repealed, 2009, c. 31, s. 47]
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
former Act [Repealed, 2009, c. 31, s. 47]
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
offshore revenue threshold [Repealed, 2009, c. 31, s. 47]
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
project means a work or activity resulting in the production of petroleum in the offshore area that is required to be authorized pursuant to paragraph 142(1)(b). ( projet )
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
threshold rate of return [Repealed, 2009, c. 31, s. 47]
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 247
Adjustment payment 247 (1) Subject to this section, the Federal Minister may, on behalf of Her Majesty in right of Canada, pay an amount to Her Majesty in right of the Province equal to seventy-five per cent of the profit realized on or after April 1, 2010, and determined in the manner prescribed, in respect of a project. Restriction (2) No payment shall be made pursuant to subsection (1) in respect of a project unless the Provincial Minister demonstrates to the satisfaction of the Federal Minister that the rate of return in respect of that project that would have been obtained on behalf of Her Majesty in right of the Province, calculated in the manner prescribed, is equal to or greater than an annual rate of return on invested capital that is equal to the lesser of 20% and the aggregate of 7% and the average annual cost to the Province of borrowing money. Exception (2.1) Subsection (2) does not apply in respect of the Sable Offshore Energy Project and the Deep Panuke Offshore Gas Development Project. Reduction for fiscal incentives (3) The aggregate amount of payments made pursuant to subsection (1) in respect of any project shall be reduced by the aggregate amount, determined in the manner prescribed, of all fiscal incentives and any other benefits that are (a) established by or pursuant to an Act of Parliament; (b) prescribed for the purposes of this Part or approved in the manner prescribed; and (c) received in respect of the project. Exception (3.1) Subsection (3) does not apply in respect of fiscal incentives and other benefits generally prevailing in Canada. Time of payments (4) Subject to the regulations, a payment made pursuant to subsection (1) shall be made annually, not later than six months after the end of each fiscal year. Exception (5) If the per capita fiscal capacity of the Province in respect of any fiscal year is equal to or greater than the national average per capita fiscal capacity in respect of that fiscal year, no payment shall be made under subsection (1) in respect of that fiscal year. The per capita fiscal capacity of the Province and the national average per capita fiscal capacity shall be determined in accordance with section 247.1. (6) [Repealed, 2009, c. 31, s. 48] 1988, c. 28, s. 247; 2009, c. 31, s. 48; 2015, c. 4, s. 106
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 247.1
 case may be, for the fiscal year; and (e) adding the amounts of the revenues of the Province or of all provinces, as the case may be, estimated under paragraph (d) in respect of all sources described in paragraph (a). Changes and factors (4) For the purposes of paragraph (3)(a) and subparagraph (3)(b)(ii), the following changes and factors should be taken into account, namely, (a) changes in any laws of a province relating to taxation that apply in respect of fiscal years subsequent to the fiscal year beginning on April 1, 1982; (b) changes to improve the accuracy of comparisons among provinces of relative capacity to derive revenue from any source described in paragraph (3)(a); (c) changes made by statistical agencies to statistical data or methods used to measure the relative capacities of provinces to derive revenue from any such source; and (d) any other factors that, in the opinion of the Minister of Finance, are relevant to the circumstances. Average rate of tax (5) For the purposes of paragraph (3)(d) the national average rate of tax for a fiscal year in respect of a source is the quotient obtained by dividing (a) the aggregate of the total revenues, as determined by the Minister of Finance, derived by all provinces for the fiscal year from that source, whether or not the total revenues or any portion thereof are included in the computation of the fiscal equalization payments to provinces for the fiscal year under Part I of the Fiscal Arrangements Act by (b) the revenue base estimated under paragraph (3)(c) in respect of that source for all provinces for that fiscal year. Determination of population (6) For the purposes of this section, the population of a province for a fiscal year is the population of that province for that fiscal year, as determined for the purposes of Part I of the Fiscal Arrangements Act. 2015, c. 4, s. 107
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
Fiscal Arrangements Act means the Federal-Provincial Fiscal Arrangements and Federal Post-Secondary Education and Health Contributions Act, 1977 . ( loi de 1977 )
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
national average per capita fiscal capacity means the per capita fiscal capacity of all of the provinces. ( moyenne nationale )
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
province does not include Yukon, the Northwest Territories or Nunavut. ( province )
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 248
Regulations 248 Subject to section 6, the Governor in Council may make regulations, on the recommendation of the Minister, (a) respecting, for the purpose of section 247, the information that must be provided to the Federal Minister in order for a profit to be determined in respect of a project; (b) respecting the making of payments pursuant to subsection 247(1) if the Minister determines that the Minister has underpaid any amount payable under that subsection; (c) respecting the recovery of overpayments made pursuant to subsection 247(1); and (d) prescribing anything that is, by this Part, to be prescribed. 1988, c. 28, s. 248; 2009, c. 31, s. 50
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 249
Appropriation 249 In respect of any fiscal year, the Federal Minister may pay out of the Consolidated Revenue Fund, at such times and in such manner as may be prescribed, amounts payable during that fiscal year to Her Majesty in right of the Province pursuant to subsection 247(1).
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 253
Initial payment to environmental studies fund during transitional period 253 Notwithstanding section 49 of the Canada Oil and Gas Act as it read immediately before the coming into force of this section, where an exploration agreement in relation to any portion of the offshore area was entered into or negotiations in respect thereof were completed under the Canada Oil and Gas Act on or after August 26, 1986, and before the coming into force of Part VII of the Canada Petroleum Resources Act , (a) the interest owner shall deposit for payment into the relevant fund an amount determined in accordance with subsection 81(2) of the Canada Petroleum Resources Act ; and (b) where, prior to the coming into force of this section, there has been deposited for payment into the relevant fund in relation to that exploration agreement an amount determined in accordance with section 49 of the Canada Oil and Gas Act as it read immediately before the coming into force of this section, the Minister may refund to the interest owner an amount equal to the difference between that amount and the amount required to be deposited under paragraph (a).
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 266
Repeal 266 (1) Subject to subsections (2) and (3), the Canada-Nova Scotia Oil and Gas Agreement Act , chapter 29 of the Statutes of Canada, 1984, is repealed. Idem (2) Part II of and Schedule IV to the Canada-Nova Scotia Oil and Gas Agreement Act are repealed with respect to sales and other transactions occurring after the day on which section 212 of this Act comes into force. Idem (3) Part III of the Canada-Nova Scotia Oil and Gas Agreement Act is repealed on the day on which section 219 of this Act comes into force.
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 Coming into force
Coming into force * 267 (1) Subject to subsection (2), this Act or any provision thereof shall come into force on a day or days to be fixed by proclamation. Idem (2) Section 216 and Part IX are applicable to taxation years commencing after December 22, 1989. * [Note: Act, except Division VIII of Part II, in force December 22, 1989, see SI/90-9; Division VIII of Part II in force October 1, 1990, see SI/90-152.] 1988, c. 28, s. 267; 1991, c. 49, s. 238
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
The inner limit of the offshore area is the low water mark of Nova Scotia, except that
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 (a)
(a) in the vicinity of Chignecto Bay, the inner limit is a straight line from the most southerwesterly point on the most northwesterly point on the low water mark at Cape Chignecto (N.S.) to a point at latitude 45° 24′ 10″ longitude 65° 03′ 31″, being on a line between that point at Cape Chignecto (N.S.) and Martin Head (N.B.);
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 (b)
(b) in the vicinity of Minas Channel, the inner limit is a straight line from the most southerwesterly point on the low water mark at Cape Chignecto (N.S.) to the most northwesterly point on the low water mark at Long Point (N.S.);
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 (c)
(c) in the vicinity of St. Mary’s Bay, the inner limit is a straight line from the most southerly point on the low water mark at Long Island (N.S.) to the low water mark at the nearest point on the mainland, being approximately two kilometres southwesterly of Meteghan (N.S.);
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 (d)
(d) in the vicinity of Chedabucto Bay, the inner limit is a straight line from the most easterly point on the low water mark at Glasgow Head (N.S.) to the most southwesterly point on the low water mark at Red Point (N.S.);
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 (e)
(e) in the vicinity of St. George’s Bay, the inner limit is a straight line from the most easterly point on the low water mark at Cape George Point (N.S.) to the most westerly point on the low water mark at McKays Point (N.S.); and
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 (f)
ximately the midpoint between Gullivers Head (N.S.) and Point Lepreau (N.B.); thence northeasterly in a straight line to a point at latitude 45° 00′ 14″ and longitude 65° 43′ 36″, being approximately the midpoint between the west promontory of Parkers Cove (N.S.) and Cape Spencer (N.B.); thence northeasterly in a straight line to a point at latitude 45° 22′ 19″ and longitude 65° 05′ 31″, being approximately the midpoint between Isle Haute (N.S.) and Martin Head (N.B.); thence northeasterly in a straight line to a point at latitude 45° 24′ 10″ and longitude 65° 03′ 31″, being a point on the inner limit.
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 (i)
(i) “bay” includes harbour, port, cove, sound, channel, basin or other inlet,
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8 (ii)
(ii) the closing line shall be drawn in such manner as to enclose a maximum area of the bay, and
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
The outer limit of the offshore area is as follows:
Canada–Nova Scotia Offshore Petroleum Resources Accord Implementation and Offshore Renewable Energy Management Act — C-7.8
Commencing at the most northerly point of the boundary between the Provinces of Nova Scotia and New Brunswick in the mouth of the Tidnish River, the limit runs