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Equalization payments do not, technically, involve wealthy provinces making payments to poor provinces, although in practice this is what happens, via the federal treasury. As an example, a wealthy citizen in New Brunswick, a so-called "have not" province, pays more into equalization than a poorer citizen in Alberta, a so-called "have" province.
A formal system of equalization payments was first introduced in 1957. [7] [ Notes 1]. The original program had the goal of giving each province the same per-capita revenue as the two wealthiest provinces, Ontario and British Columbia, in three tax bases: personal income taxes, corporate income taxes and succession duties (inheritance taxes).
Unlike conditional transfer payments such as the Canada Health Transfer or the Canada Social Transfer, the money the provinces receive through equalization can be spent in any way the provincial government desires. The payments are meant to guarantee "reasonably comparable levels" of health care, education, and welfare in all the provinces. The ...
Tax equalization is a policy applied by some international companies under which employees who are hired in one country and later accept a (temporary) assignment in another country do not have their total after-tax ("take-home") compensation changed depending on the tax regimes of the country they move to. If the employee is assigned to a ...
An exception to this rule is a state's share of value added tax revenue; up to a quarter of a state's tax revenue can be assigned to especially weak states in advance. The equalization payments are being stepped up, the states entitled to payment adjustments should now receive 95% of the average of all states' revenue compared to 91% in the past.
Prominent among the objectives commonly attributed to intergovernmental fiscal transfers is ‘equalization’ of fiscal capacities or resolution of fiscal imbalances. [ 1 ] Thus, the transfer system can promote efficiency in the public sector and can level the field for intergovernmental competition. [ 2 ]
The Get My Payment tool operates like an application for your stimulus payment. You can access the tool on the IRS website . You will need to input your Social Security number, date of birth and ...
The payments are funded both by the Confederations (two thirds) and by the cantons (one third). In 2023, equalisation of resources represents 78% of payments, and equalisation of costs 16%. The remaining 6% are due to transitionary instruments that were introduced to ease the impact of legislative changes.