Federal-Provincial Fiscal Arrangements Act — F-8 24.7
Total equalized tax transfer — fiscal years 2004-2005 to 2006-2007 24.7 (1) The total equalized tax transfer applicable to a province for each fiscal year in the period beginning on April 1, 2004 and ending on March 31, 2007 is the aggregate of (a) the total amount, as determined by the Minister, for the fiscal year represented by the federal income tax reduction in the province in respect of the Canada Health Transfer and the Canada Social Transfer for the fiscal year, and (b) the amount equal to the lesser of (i) the equalization payment referred to in subsection (1.1) that would be payable to the province for the fiscal year, and (ii) the amount of equalization that would be paid to the province in respect of the federal income tax reduction in all the provinces in respect of the Canada Health Transfer and the Canada Social Transfer for the fiscal year, if the method of calculation of fiscal equalization payments as set out in Part I, excluding subsection 4(6) of this Act, as that Part read on May 13, 2004, were to be applied to the value of the income tax reduction in all the provinces in respect of the Canada Health Transfer and the Canada Social Transfer for the fiscal year, except that (A) for the purposes of the calculation under this subparagraph, the relevant revenue bases are to be determined in the prescribed manner, and (B) where subsection 4(6) of this Act as it read on May 13, 2004 applies in the determination of the fiscal equalization payment to the province for the fiscal year, the amount determined under this subparagraph is to be adjusted in the prescribed manner. Equalization payment payable (1.1) For the purposes of subparagraph (1)(b)(i), (a) for each fiscal year in the period beginning on April 1, 2005 and ending on March 31, 2007, the equalization payment shall be the equalization payment that would be payable to the province for the fiscal year under Part I, as that Part read on March 28, 2007; and (b) for the fiscal year beginning on April 1, 2004, the equalization payment shall be (i) in the case of a province that receives an additional fiscal equalization payment under subsection 4(3), as it read on March 28, 2007, the estimate that was made by the Minister on February 23, 2004 in respect of the fiscal year in accordance with section 8 of the Federal-Provincial Fiscal Arrangements Regulations, 1999 , and (ii) in the case of a province that does not receive an additional fiscal equalization payment under subsection 4(3), as it read on March 28, 2007, the final computation in respect of the fiscal year. Total equalized tax transfer — fiscal years 2007–2008 to 2010–2011 (1.2) The total equalized tax transfer applicable to a province for each fiscal year in the period beginning on April 1, 2007 and ending on March 31, 2011 is the aggregate of (a) the total amount, as determined by the Minister, for that fiscal year represented by the federal income tax reduction in that province in respect of the Canada Health Transfer and the Canada Social Transfer for that fiscal year, and (b) in the case of a territory, zero, and in the case of a province, the amount equal to the lesser of (i) the equalization payment payable to that province for that fiscal year under Part I, and (ii) an amount equal to the greater of (A) the product obtained by multiplying (I) the aggregate of the amounts obtained by subtracting, for each revenue source referred to in paragraphs (a) and (b) of the definition revenue source in subsection 3.9(1), the per capita yield of the federal income tax reduction for that province for that fiscal year from the per capita national yield of the federal income tax reduction for that fiscal year by (II) the population of that province for that fiscal year, and (B) zero. Total equalized tax transfer — fiscal year 2009–2010 (1.21) Despite subsection (1.2), the total equalized tax transfer applicable to a province for the fiscal year beginning on April 1, 2009 is (a) for Ontario, $5,531,594,000; (b)