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Published on March 7, 2008

Author: Manfred

Source: authorstream.com

CLARIFICATION OF GOVERNMENT OF CANADA & NOVA SCOTIA RESPECTING OFFSHORE REVENUES:  CLARIFICATION OF GOVERNMENT OF CANADA & NOVA SCOTIA RESPECTING OFFSHORE REVENUES October 10, 2007 PCDocs#52191 UNDERLYING FUNDAMENTALS:  UNDERLYING FUNDAMENTALS NOVA SCOTIA TO BE PRINCIPAL BENEFICIARY OF ITS OFFSHORE RESOURCES FEDERAL COMMITMENT TO A CUMULATIVE ‘BEST OF’ GUARANTEE CHOICE OF EXPERT PANEL OR EQUALIZATION FORMULA OF 2005 ACCORD INDEPENDENT PANEL TO ACTION CROWN SHARE ADJUSTMENT COMMITMENT ALTERNATIVE FORMULA:  ALTERNATIVE FORMULA EXPERT PANEL Calculation of entitlements based on 3-year average Uses two-year lagged data Retains representative tax system (RTS) approach for fiscal capacity Includes cap and potential clawback 2007 FEDERAL BUDGET Based on 3-year historical average of provincial fiscal capacity National equalization value set to escalate by 3.5 percent annually NEW ALTERNATIVE Restores formula agreed upon by First Ministers in Fall 2004 Formula based on 50/50 entitlements and fiscal capacity Uses 3-year average of entitlement share + 3-year average of fiscal capacity approach National equalization value to escalate by 3.5 percent annually ESTIMATED FINANCIAL IMPLICATIONS EXPERT PANEL VS. ALTERNATIVES & ACCORD ($billions):  ESTIMATED FINANCIAL IMPLICATIONS EXPERT PANEL VS. ALTERNATIVES & ACCORD ($billions) Base-lined estimates assuming no changes to fiscal capacity or population. Includes Nova Scotia’s estimated offshore natural resource revenues. *2008-09 Estimates provided by Finance Canada CROWN SHARE ADJUSTMENT PAYMENT:  CROWN SHARE ADJUSTMENT PAYMENT Joint independent 3-member panel to be established Panel to determine method of calculation of value of crown share adjustment Federal obligation to make ensuing crown share adjustment payments to Nova Scotia Panel to report its recommendations to both levels of government by March 15, 2008 Nova Scotia’s projected value of crown share in the $100s of millions on currently producing offshore fields

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