Finance committee  I would agree that likely the best answer would be that the government is developing the specifics around how the program will be implemented.

Finance committee  I'm sorry, Mr. Chair. I am here specifically on clause 129. I don't believe I'm in a position to speak to clause 131.

Finance committee  Thank you very much. My name is Sam Millar. I'm the director general in the Department of Finance who covers environment, natural resource and corporate finance matters. I'm here to speak today about part 4, division 15 of the bill. This division covers proposed measures that w

Finance committee  The amount for the payments is tied to the expected dividends that Canada would receive from its part ownership in the Hibernia project. It's tied to the equity share in the Hibernia project, rather than to an amount that would be collected from royalties through the production o

Finance committee  I'm not entirely sure I can answer the question as posed. The amount is tied to the specific equity share in this project and to the dividends that were expected from it over that period of time.

Finance committee  We do.

Finance committee  The agreement, which is a public document, has provisions for a true-up.

Environment committee  The “risks and opportunities” phrase is used in many of the international standards around climate-related risks. The government would intend to develop a report that's suitable to the federal government and the federal public administration to match the best practices that are s

Finance committee  Thank you, Chair. Happy birthday to Mr. Fraser. I am Sam Millar, from the Department of Finance. I am here to speak to clause 201. The proposed measures in this clause would provide clear statutory authority for the Minister of Finance to make payments to the Government of Ne

Finance committee  In brief, the proposed provisions here would provide statutory authority for the Minister of Finance to make requisitions from the consolidated revenue fund in order to make the payments that are prescribed in the agreement between the two governments. The agreement that is refer

Finance committee  Well, it would depend on the year. The dividends fluctuate based on the amount of oil produced by the project and the sales of the company that controls the equity stake, which is the Canada Hibernia Holding Corporation, and, of course, the price of oil that they can command when

Finance committee  I don't have that figure in front of me, but the agreement, I think, is the important thing here, and the agreement prescribes certain payments that the Government of Canada needs to make to the Province of Newfoundland. Those payments were estimated at the time of the agreement,

Finance committee  In the agreement, the early years would be the ones over which there would be probably the greatest correlation between dividends prior to the agreement and the dividends most recently. You can see in the agreement that in 2019 the payment from Canada to Newfoundland was just bel

Finance committee  That's right.

Finance committee  There's a schedule in the agreement, which is, by the way, a public document. Each year between 2019 and 2056 has a different amount. They vary from as high as $232 million or roughly $233 million to around $15 million in the out years. Then, of course, the agreement also prescri