Currently, equalization payments increase in line with nominal GDP growth.
Albertans will likely vote on equalization in October.
In 2019/20, equalization comprised 21 per cent of provincial government revenue in Prince Edward Island.
Quebec reduced its debt-to-GDP ratio by 3.4 per cent.
The fiscal capacity gap between “have” and "have-not" provinces has shrunk from 27 per cent to 6 per cent.
The legislative resolution, not the referendum, will trigger the duty to negotiate.
Alberta ran a $3.1 billion deficit in 2012/13—when oil prices were over US$80 per barrel.