Bill C-3
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EXPLANATORY NOTE |
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This enactment amends Parts I and IV of the Federal-Provincial
Fiscal Arrangements and Federal Post-Secondary Education and
Health Contributions Act.
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Part I of the Act provides for equalization payments to the provinces.
This enactment amends Part I by extending the period during which
payments may be made. The period begins on April 1, 1994 and ends
on March 31, 1999.
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This enactment provides for relief to provinces that receive
equalization payments and that would otherwise experience excessive
tax backs (the expression ``excessive tax backs'' refers to large, nearly
dollar for dollar, losses in equalization payments resulting from an
increase in a province's revenue in respect of a particular source) in
respect of certain revenue sources.
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The maximum payment level (ceiling) of equalization is being
increased in order to take into account the relief provided to provinces
in respect of the excessive tax back problem and to take into account
technical modifications to certain revenue bases.
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This enactment also amends Part IV of the Act by extending, by five
years, the period during which provincial tax revenue guarantee
payments may be made.
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