Government of Canada Reaches Offshore Agreement With Nova Scotia
Prime Minister Paul Martin announced today that the Government of Canada has reached an agreement in principle with Nova Scotia that ensures the people of Nova Scotia will be the primary beneficiaries of offshore resource revenues.
January 28, 2005
Ottawa, Ontario
Immediate release Ottawa, January 28, 2005
Prime Minister Paul Martin announced today that the Government of Canada has reached an agreement in principle with Nova Scotia that ensures the people of Nova Scotia will be the primary beneficiaries of offshore resource revenues.
“I am pleased to report that Premier Hamm and I agree that the arrangements we have worked out today fully meet my commitment to address the province’s concerns about offshore resource revenues triggering reductions in Equalization payments,” stated the Prime Minister.
“This agreement will see Nova Scotia get 100 per cent of offshore revenues, including an advance payment of $ 830 million,” added Geoff Regan, Minister of Fisheries and Oceans and Regional Minister for Nova Scotia.
Minister of Finance Ralph Goodale added, “I am delighted these intense negotiations have resulted in an arrangement that addresses the unique economic situation of Nova Scotia while being fair to all Canadians.”
No amendments to the Canada-Nova Scotia Offshore Petroleum Resources Accord or Equalization legislation will be required. Payments under the offshore revenue agreements will be made separately from these accords and the new Equalization-Territorial Formula Financing framework.
Details are provided in the attached backgrounder.
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Backgrounder – Elements of the Agreement on Offshore Revenues between the Government of Canada and Nova Scotia
This agreement provides the following benefits to Nova Scotia.