Federal-Provincial Fiscal Arrangements Act — F-7.8 13
Adjustment payments for 1967 13 (1) The adjustment payment that may be paid to a province for the fiscal year commencing on the 1st day of April 1967 is an amount equal to (a) the greater of (i) an amount, as determined by the Secretary of State of Canada, equal to fifty per cent of the operating expenditures for post-secondary education in the province in the fiscal year, and (ii) the product obtained by multiplying $15 by the population of the province for the 1967 calendar year, minus (b) the aggregate of (i) the federal revenue abatement relating to post-secondary education applicable to the province for the fiscal year, (ii) in the case of a province described in paragraph 7(b) or (c), the lesser of (A) the portion, as determined in prescribed manner, of the provincial revenue equalization payment payable to the province for the fiscal year that is attributable to the federal revenue abatement relating to post-secondary education applicable to the province for the fiscal year, and (B) the amount, if any, by which the general equalization applicable to the province for the fiscal year, computed in accordance with section 8, exceeds the guaranteed equalization applicable to the province for the fiscal year, computed in accordance with subsection 9(1) or (2), as the case may be, and (iii) in the case of any other province, the portion, as determined in prescribed manner, of the provincial revenue equalization payment payable to the province for the fiscal year that is attributable to the federal revenue abatement relating to post-secondary education applicable to the province for the fiscal year. Adjustment payments after 1967 (2) Subject to subsection (3), the adjustment payment that may be paid to a province for a fiscal year commencing after the 1st day of April 1967 is an amount equal to (a) in the case of a province in respect of which the amount determined under subparagraph (1)(a)(i) is greater than the amount determined under subparagraph (1)(a)(ii), the amount, as determined by the Secretary of State of Canada, that is equal to fifty per cent of the operating expenditures for post-secondary education in the province in the fiscal year; (b) in the case of any other province, the product obtained by multiplying (i) the amount determined for the immediately preceding fiscal year under paragraph (1)(a) if such year commenced on the 1st day of April 1967, or under this paragraph if such year commenced after the 1st day of April 1967, by (ii) the quotient derived by dividing (A) the aggregate of the amounts, as determined by the Secretary of State of Canada, of the operating expenditures for post-secondary education in all of the provinces in the fiscal year, by (B) the aggregate of the amounts, as determined by the Secretary of State of Canada, of the operating expenditures for post-secondary education in all of the provinces in the immediately preceding fiscal year, minus (c) the aggregate of (i) the federal revenue abatement relating to post-secondary education applicable to the province for the fiscal year, (ii) in the case of a province described in paragraph 7(b) or (c), the lesser of (A) the portion determined in the manner described in clause (1)(b)(ii)(A) for the fiscal year, and (B) the amount, if any, determined in the manner described in clause (1)(b)(ii)(B) for the fiscal year, and (iii) in the case of any other province, the amount determined in the manner described in subparagraph (1)(b)(iii) for the fiscal year. Alteration of adjustment payments (3) Where the adjustment payment that may be paid to a province, other than a province described in paragraph (2)(a), for a fiscal year commencing after the 1st day of April 1967 is less than (a) the amount, as determined by the Secretary of State of Canada, equal to fifty per cent of the operating expenditures for post-secondary education in the province in the fiscal year minus (b) the aggregate determined in the manner described in paragraph (2)(c) for the fisca