In 2005, to address the unique fiscal circumstances faced by the province of Nova Scotia, the federal government agreed, under the terms of the 2005 Arrangement on Offshore Revenues, to provide time-limited protection to Nova Scotia to offset the negative impact of offshore revenues on its Equalization payments.
Day: February 4, 2021
In 2005, to address the unique fiscal circumstances faced by the province of Nova Scotia, the federal government agreed, under the terms of the 2005 Arrangement on Offshore Revenues, to provide time-limited protection to Nova Scotia to offset the negative impact of offshore revenues on its Equalization payments.
Today, the Government of Canada introduced legislation to amend the Nova Scotia and Newfoundland and Labrador Additional Fiscal Equalization Offset Payments Act, following a multi-year dialogue with the province about offshore revenues.