Canada Government introduces legislation for one-time extension of the Arrangement on Offshore Revenues with Nova Scotia

(The Department of Finance Canada)

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. This Act would extend the Minister of Finance’s authority to make these additional fiscal equalization offset payments to Nova Scotia until March 31, 2023.