NEWFOUNDLAND AND LABRADOR
REGULATION 16/23

Future Fund Regulations
under the
Future Fund Act
(O.C. 2023-077)

(Filed March 30, 2023)

Under the authority of section 11 of the Future Fund Act, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John’s, March 29, 2023.

Krista Quinlan
Clerk of the Executive Council

REGULATIONS

Analysis

        1.   Short title

        2.   Definition

        3.   Non-renewable resource royalties

        4.   Commencement

          

Short title

        1. These regulations may be cited as the Future Fund Regulations.

Definition

        2. In these regulations "Act" means the Future Fund Act.

Non-renewable resource royalties

        3. The portion of non-renewable resource royalties required to be deposited into the fund under paragraph 4(2)(b) of the Act shall be calculated as follows:

             (a) 2% of the amount of non-renewable resource royalties received up to $250,000,000;

             (b)  5% of the amount of non-renewable resource royalties received that exceeds $250,000,000 but does not exceed $500,000,000;

             (c)  10% of the amount of non-renewable resource royalties received that exceeds $500,000,000 but does not exceed $1,000,000,000;

             (d)  15% of the amount of non-renewable resource royalties received that exceeds $1,000,000,000 but does not exceed $1,500,000,000;

             (e)  25% of the amount of non-renewable resource royalties received that exceeds $1,500,000,000 but does not exceed $2,000,000,000;

             (f)  50% of the amount of non-renewable resource royalties received that exceeds $2,000,000,000 but does not exceed $2,500,000,000; and

             (g)  75% of the amount of non-renewable resource royalties received that exceeds $2,500,000,000.

Commencement

        4. These regulations come into force on the date the Act comes into force.

 

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