“It is fitting that the 70th anniversary of our Confederation with Canada coincides with the signing of this agreement that supports a better and safer future for generations of new and Labradorian countries. Our association with Canada was based on the promise of a partnership, one that would improve the standard of living of the people our two governments serve. Today, we have kept that promise. How, when and when $200 million can be found to ease the burden of increasing electricity quotas, is clearly not included in the new Hibernia agreement. St. John`s, April 1, 2019 – A new agreement on the common use of resources will be announced. Canada and Newfoundland, as well as Labrador, have also agreed to cooperate in planning offshore development to develop oil resources and protect marine biodiversity. These include an agreement to limit oil development in the proposed Laurentian Channel naval reserve and to allow oil development in the northeast. Non-resident income tax revenues are income taxes paid by non-residents on Canadian-origin income, including dividends and interest payments. For 2019/20, non-resident income tax revenues are expected to increase by $0.3 billion, or 3.2%. Over the forecast period, average annual growth of 2.0% is expected. The Government of Canada is committed to investing and entering into agreements that help create and protect high-quality, well-paying jobs in the middle class, develop natural resources in the right way, and create the conditions for sustainable economic growth for years to come. It has guaranteed the province control of its offshore industry and will forever be the main beneficiary of these resources.
This is a pioneering agreement that has provided tax and social benefits that would otherwise have been out of reach. This agreement promises to strengthen them. But that`s the scale. The agreement announced by Ball and O`Regan is a five-page agreement – six if you take into account the page signed by Ball and federal Finance Minister Bill Morneau – called the Hibernia Dividend Backed Annuity Agreement. It is worth $2.5 billion to the provincial fund. As we celebrate the 70th anniversary of Confederation of Newfoundland and Labrador with Canada, Honorary Minister of Aboriginal Services Seamus O`Regan, Minister of Aboriginal Services, today announced, on behalf of Minister of Honour Dominic LeBlanc, Minister of Intergovernmental and Northern Affairs and Trade de Denin, that the Government of Canada and the Government of Newfoundland and Labrador have completed their review of the 2005 Offshore Revenues Agreement. , and secured a new agreement on resource sharing: hibernia Dividend Backed Annuity Agreement. Unlike the new Hibernia agreement that was unveiled in this promising St John`s ballroom, there is nothing in this agreement that binds anyone to something about rate mitigation. The original 1985 agreement – an election promise made to Mulroney following a battle for offshore interest – was indeed a pioneering agreement. When government officials who briefed journalists were asked why there was a reference to limiting electricity prices in the agreement, they were told, “Ask the politicians.” On April 1, 2019, the province reached a new agreement with the Canadian government, the main themes of which were discussed and collaborated.