jswizzle3737/ontario_laws_and_regs huggingface dataset:
Definitions
 1. In this Regulation, “capital asset cost”, in respect of a fiscal year, has the same meaning as “capital asset cost” in the legislative grant regulation for the corresponding fiscal year; (“coût des immobilisations”) “legislative grant regulation” means a regulation made under subsection 234 (1) of the Act. (“règlement sur les subventions générales”) O. Reg. 205/22, s. 1.
Factors for Minister to consider
  2. For the purposes of clause 231 (1) (b) of the Act, in deciding whether to grant an approval of an in-year deficit for a fiscal year, the Minister shall consider the following factors: 1.  Whether the in-year deficit is structural or will occur only one time. 2.  Whether the in-year deficit is less than 50 per cent of the board’s accumulated surplus. 3.  The extent to which the in-year deficit is the result of circumstances beyond the board’s control.
In-year deficit, 2018-19
  3. For the purposes of clause 231 (1) (a) of the Act, a board is authorized to have an in-year deficit in respect of the 2018-2019 fiscal year if the amount of the deficit is less than the amount determined as follows: 1.  Take the board’s accumulated surplus for the 2017-2018 fiscal year. If the board does not have an accumulated surplus, the amount determined under this paragraph is deemed to be zero. 2.  Take 1 per cent of the board’s operating revenue for the 2018-2019 fiscal year. 3.  Take the lesser of the amounts determined under paragraphs 1 and 2.
In-year deficit, 2020-21, 2021-2022
 5. (1) Subject to subsection (2), for the purposes of clause 231 (1) (a) of the Act, a board is authorized to have an in-year deficit in respect of the 2020-2021 and 2021-2022 fiscal years if the amount of the board’s in-year deficit is less than or equal to the amount determined as follows: 1.  Take the board’s accumulated surplus for the preceding fiscal year. If the board does not have an accumulated surplus, the amount determined under this paragraph is deemed to be zero. 2.  Take 1 per cent of the board’s operating revenue for the applicable fiscal year. 3.  Take the lesser of the amounts determined under paragraphs 1 and 2. O. Reg. 540/20, s. 2; O. Reg. 205/22, s. 2 (1). (2) A board is authorized to have an in-year deficit in respect of the 2020-2021 and 2021-2022 fiscal years that is greater than the amount determined under paragraph 3 of subsection (1), if the following conditions are satisfied: 1.  The board has provided evidence satisfactory to the Minister that the reason the board will incur an in-year deficit greater than the amount determined under paragraph 3 of subsection (1) is a result of the board’s response to the outbreak of the coronavirus (COVID-19). 2.  The amount of the in-year deficit is less than or equal to the amount determined as follows: i.  Take the board’s accumulated surplus for the preceding fiscal year. If the board does not have an accumulated surplus, the amount determined under this paragraph is deemed to be zero. ii.  Take 2 per cent of the board’s operating revenue for the applicable fiscal year. iii.  Take the lesser of the amounts determined under subparagraphs i and ii. O. Reg. 540/20, s. 2; O. Reg. 205/22, s. 2 (2).
In-year deficit, 2022-23, 2023-24
 6. For the purposes of clause 231 (1) (a) of the Act, a board is authorized to have an in-year deficit in respect of the 2022-2023 and 2023-2024 fiscal years if the following conditions are satisfied: 1.  The board has submitted to the Minister, in respect of the applicable fiscal year, an in-year deficit elimination plan that complies with subsection 4 (3). 2.  The amount of the in-year deficit is less than or equal to the amount determined as follows: i.  Take the board’s accumulated surplus for the preceding fiscal year. If the board does not have an accumulated surplus, the amount determined under this paragraph is deemed to be zero. ii.  Take 1 per cent of the board’s operating revenue for the applicable fiscal year. iii.  Take the lesser of the amounts determined under subparagraphs i and ii. O. Reg. 540/20, s. 2; O. Reg. 205/22, s. 3.
In-year deficit, 2024-25 and subsequent fiscal years
 7. For the purposes of clause 231 (1) (a) of the Act, a board is authorized to have an in-year deficit in respect of the 2024-2025 fiscal year and each subsequent fiscal year if, (a)  the conditions set out in section 6 are satisfied; and (b)  the board has not had an in-year deficit in both of the two fiscal years immediately preceding the applicable fiscal year. O. Reg. 540/20, s. 2; O. Reg. 205/22, s. 4.  Français