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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 ...
Transfer payments to (persons) as a percent of federal revenue in the United States Transfer payments to (persons + business) in the United States. In macroeconomics and finance, a transfer payment (also called a government transfer or simply fiscal transfer) is a redistribution of income and wealth by means of the government making a payment, without goods or services being received in return ...
Equalization payments are one example of what are often collectively referred to in Canada as "transfer payments", a term used in other jurisdictions to refer to cash payments to individuals (see Canadian Transfer Payments). In fact, there are four types of federal transfers to provinces and territories: the Canada Health Transfer (CHT), the ...
While there are some exceptions (particularly for some of the very early issues as well as the experimental bills) the vast majority of small sized one dollar silver certificates, especially non-star or worn bills of the 1935 and 1957 series, are worth little or nothing above their face values. They can still occasionally be found in circulation.
The Polak model is a monetary approach to the balance of payment published by J. J. Polak in 1957. It seeks to model a small, open economy operating under fixed nominal exchange rate. Polak suggest explicit links between the monetary and external sectors.
Alberta separatism comes from the belief that many Albertans hold that they are culturally and economically distinct from the rest of Canada, particularly Central Canada and Eastern Canada, because of economic imbalances whereby Alberta is a net over-contributor to the system of equalization payments in Canada. [6]
The SAC was established in 1996 on a voluntary basis and was formalized in the Canadian Payments Act in 2001. [12] The SAC provides advice to the Payments Canada Board of Directors on payment, clearing, and settlement matters, and contributes input on proposed initiatives, including by-laws, policy statements, and rules that affect third parties.