Glossary
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Nova Scotia Resources (Ventures) Limited
Definition(s)
Nova Scotia Resources (Ventures) Limited
“Nova Scotia Resources (Ventures) Limited” means the company incorporated on November 20, 1981 under the Companies Act, Chapter 42 of the Revised Statutes of Nova Scotia, 1967; Société. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationNova Scotia Insurance Premiums Tax Act
Definition(s)
Nova Scotia Insurance Premiums Tax Act
“Nova Scotia Insurance Premiums Tax Act” means the Insurance Premiums Tax Act, Chapter 149 of the Revised Statutes of Nova Scotia, 1967, as amended from time to time; loi sur la taxation des primes d’assurance. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationNova Scotia Income Tax Act
Definition(s)
Nova Scotia Income Tax Act
“Nova Scotia Income Tax Act” means the Income Tax Act, Chapter 134 of the Revised Statutes of Nova Scotia, 1967, as amended from time to time; loi sur l’impôt direct. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationNova Scotia Consumption Tax Acts
Definition(s)
Nova Scotia Consumption Tax Acts
“Nova Scotia Consumption Tax Acts” means the Health Services Tax Act, Chapter 126 of the Revised Statutes of Nova Scotia, 1967, as amended from time to time, the Gasoline and Diesel Oil Tax Act, Chapter 116 of the Revised Statutes of Nova Scotia, 1967, as amended from time to time, and any other Act of the Legislature of the Province, as amended from time to time, as may be prescribed; lois sur l’impôt indirect. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationNational Average Per Capita Fiscal Capacity
Definition(s)
National Average Per Capita Fiscal Capacity
“National average per capita fiscal capacity” means the per capita fiscal capacity of all of the provinces; moyenne nationale. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationInvestment Tax Credit
Definition(s)
Investment Tax Credit
“Investment tax credit” has the meaning assigned by subsection 127(9) of the Income Tax Act; crédit d’impôt à l’investissement. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationGovernment
Definition(s)
Government
“Government” means the Federal Government, the Provincial Government or both, as the context requires. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationFundamental Decision
Definition(s)
Fundamental Decision
“Fundamental decision” means a decision made by the Board respecting the exercise of a power or the performance of a duty pursuant to a provision of this Act that expressly provides for the exercise of the power or the performance of the duty subject to sections 32 to 37; décision majeure. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationFirst Fiscal Year of Offshore Production
Definition(s)
First Fiscal Year of Offshore Production
“First fiscal year of offshore production” means, at the option of the Government of the Province, exercised by filing a notice in writing with the Federal Minister before the commencement of commercial production of petroleum in the offshore area, 1. the earliest of1. the fiscal year beginning on the first day of April next following the day that is three years immediately following the commencement of commercial production of petroleum in the offshore area, and
2. any one of the three fiscal years immediately preceding the fiscal year referred to in subparagraph (a)(i), if a request for the designation of such year as the first fiscal year of offshore production is made in writing to the Federal Minister by the Provincial Minister prior to the beginning of such year, or
2. the fiscal year beginning on the first day of April next following the commencement of commercial production of petroleum in the offshore area; premier exercice de production extracôtière. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationFiscal Arrangements Act
Definition(s)
Fiscal Arrangements Act
“Fiscal Arrangements Act” means the Federal-Provincial Fiscal Arrangements and Federal Post-Secondary Education and Health Contributions Act, 1977; loi de 1977. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationFederal Government
Definition(s)
Federal Government
“Federal Government” means the Governor in Council; gouvernement fédéral. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationDevelopment Fund
Definition(s)
Development Fund
“Development Fund” means the account continued by section 234; Fonds de développement. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationCrown Reserve Area
Definition(s)
Crown Reserve Area
“Crown reserve area” means portions of the offshore area in respect of which no interest is in force; réserves de l’État. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationCommencement of Commercial Production of Petroleum
Definition(s)
Commencement of Commercial Production of Petroleum
“Commencement of commercial production of petroleum” means the earlier of- the date designated by the Federal Minister as the first day on which a volume of gas equal to four million cubic metres or a volume equivalent thereto of natural gas liquids or oil, as determined by the Minister of Finance in accordance with the regulations, has, during that day, flowed through the first sales meter for sale and delivery, and
- the date designated by the Provincial Minister; début de la production commercial d’hydrocarbures.
Chief Executive Officer
Definition(s)
Chief Executive Officer
“Chief Executive Officer” means the Chief Executive Officer of the Board appointed pursuant to section 25; premier dirigeant. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationCanadian Exploration Expense
Definition(s)
Canadian Exploration Expense
“Canadian exploration expense” has the meaning assigned by paragraph 66.1(6)(a) of the Income Tax Act, except that- there shall be excluded from that meaning any Canadian exploration and development overhead expense and any expense referred to in subparagraph (i) thereof,
- any reference in that paragraph to any expense incurred in drilling or completing an oil or gas well in Canada shall be read as including, with such modifications as the circumstances require, a reference to
1. any expense incurred in respect of an exploratory probe in the offshore area, and
2. any expense incurred in respect of a well in relation to a three dimensional seismic survey, an engineering study or an analytical study for the purpose of determining the location or extent of an accumulation of petroleum in the offshore area, and
3. all that portion of that paragraph following clause (vii)(C) thereof shall be read as follows: “but any amount of assistance or benefit that a taxpayer has received, is entitled to receive or can reasonably be expected to receive after May 25, 1976 from a government, municipality or other public authority in respect of or related to a Canadian exploration expense, whether as a grant, subsidy, forgivable loan, deduction from royalty or tax, investment allowance or any other form of assistance or benefit, other than an investment tax credit in respect of a qualified Canadian exploration expenditure, shall reduce the amount of any of the expenses described in any of subparagraphs (i) to (v); and”; frais d’exploration au Canada. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationCanadian Exploration and Development Overhead Expense
Definition(s)
Canadian Exploration and Development Overhead Expense
“Canadian exploration and development overhead expense” has the meaning assigned by subsection 1206(1) of the Income Tax Regulations; frais généraux d’exploration et d’aménagement au Canada. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationCanadian Development Expense
Definition(s)
Canadian Development Expense
“Canadian development expense” has the meaning assigned by paragraph 66.2(5)(a) of the Income Tax Act, except that- there shall be excluded from that meaning any Canadian exploration and development overhead expense, and
- all that portion of that paragraph following clause (vii)(C) thereof shall be read as follows: “but any amount of assistance or benefit that a taxpayer has received, is entitled to receive or can reasonably be expected to receive after May 25, 1976 from a government, municipality or other public authority in respect of or related to his Canadian development expense, whether as a grant, subsidy, forgivable loan, deduction from royalty or tax, investment allowance or any other form of assistance or benefit, other than an investment tax credit in respect of a qualified Canadian exploration expenditure, shall reduce the amount of any of the expenses described in any of subparagraphs (i) to (v); and”; frais d’aménagement au Canada.
Canada-Nova Scotia Benefits Plan
Definition(s)
Canada-Nova Scotia Benefits Plan
“Canada-Nova Scotia benefits plan” means a plan submitted pursuant to subsection 45(2); plan de retombées économiques. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationCanada-Nova Scotia Benefits Plan
In this section, “Canada-Nova Scotia benefits plan” means a plan for the employment of Canadians and, in particular, members of the labour force of the Province and, subject to paragraph (3)(d), for providing manufacturers, consultants, contractors and service companies in the Province and other parts of Canada with a full and fair opportunity to participate on a competitive basis in the supply of goods and services used in any proposed work or activity referred to in the benefits plan. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationBay of Fundy
Definition(s)
Bay of Fundy
“Bay of Fundy” means the submarine areas within the limits described in Schedule II; Baie de Fundy. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationAverage Annual Cost to the Province of Borrowing Money
Definition(s)
Average Annual Cost to the Province of Borrowing Money
“Average annual cost to the Province of borrowing money” means the average annual rate of interest, determined in the manner prescribed, that would be incurred by the Province on borrowed money if the money were borrowed during the period of twelve months immediately preceding the date of the determination of the threshold rate of return; coût d’emprunt annuel moyen. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationAmount
Definition(s)
Amount
“Amount” means, except in section 237, an amount of money for infrastructural costs directly or indirectly relating to the exploration for or development, production or transportation of petroleum in the offshore area; montant. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationAccord
Definition(s)
Accord
“Accord” means the Canada-Nova Scotia Offshore Petroleum Resources Accord dated August 26, 1986 and entered into by the Government of Canada, as represented by the Prime Minister of Canada and the Federal Minister, and by the Government of Nova Scotia, as represented by the Premier of Nova Scotia and the Provincial Minister, and includes any amendments thereto; Accord. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationActual Loss or Damage
Definition(s)
Actual Loss or Damage
In section 26, “actual loss or damage” includes loss of income, including future income, and, with respect to any aboriginal peoples of Canada, includes loss of hunting, fishing and gathering opportunities. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. Legislation Source: Canada Oil and Gas Operations Act, R.S.C., 1985, c. O-7, Canada, current to April 29, 2013. LegislationBenefits Plan
Definition(s)
Benefits Plan
In this section, "benefits plan" means a plan for the employment of Canadians and for providing Canadian manufacturers, consultants, contractors and service companies with a full and fair opportunity to participate on a competitive basis in the supply of goods and services used in any proposed work or activity referred to in the benefits plan. Source: Canada Oil and Gas Operations Act, R.S.C., 1985, c. O-7, Canada, current to April 29, 2013. LegislationChief Conservation Officer
Definition(s)
Chief Conservation Officer
“Chief Conservation Officer” means the person designated as the Chief Conservation Officer under section 3.1; délégué à l’exploitation. Source: Canada Oil and Gas Operations Act, R.S.C., 1985, c. O-7, Canada, current to April 29, 2013. LegislationChief Conservation Officer
“Chief Conservation Officer” means the person designated as the Chief Conservation Officer pursuant to section 144; délégué à l’exploitation. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationDebris
Definition(s)
Debris
In sections 26 and 28, "debris" means any installation or structure that was put in place in the course of any work or activity required to be authorized under paragraph 5(1)(b) and that has been abandoned without such authorization as may be required by or pursuant to this Act, or any material that has broken away or been jettisoned or displaced in the course of any such work or activity. Source: Canada Oil and Gas Operations Act, R.S.C., 1985, c. O-7, Canada, current to April 29, 2013. LegislationDebris
In sections 167 and 170, “debris” means any installation or structure that was put in place in the course of any work or activity required to be authorized under paragraph 142(1)(b) and that has been abandoned without such authorization as may be required by or pursuant to this Part, or any material that has broken away or been jettisoned or displaced in the course of any such work or activity. Source: Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, S.C. 1988, c. 28, Canada, current to May 26, 2013. LegislationExisting Federal Interest
Definition(s)
Existing Federal Interest
“Existing federal interest” means- an interest, within the meaning of section 2 of the Canada Petroleum Resources Act, in oil and gas in the Yukon Territory or the adjoining area in effect on the transfer date; or
- a production licence issued on or after the transfer date by virtue of section 23; titres fédéraux existants.