equalization payment

Hello, you have come here looking for the meaning of the word equalization payment. In DICTIOUS you will not only get to know all the dictionary meanings for the word equalization payment, but we will also tell you about its etymology, its characteristics and you will know how to say equalization payment in singular and plural. Everything you need to know about the word equalization payment you have here. The definition of the word equalization payment will help you to be more precise and correct when speaking or writing your texts. Knowing the definition ofequalization payment, as well as those of other words, enriches your vocabulary and provides you with more and better linguistic resources.

English

Noun

equalization payment (plural equalization payments)

  1. (Canada, government) Extra money transferred from the federal government to a province, drawn from general tax revenue and intended to redistribute some wealth from relatively prosperous provinces to relatively poor provinces.
  2. (Canada, law) In a divorce agreement, a payment made by one spouse to the other in order to create an equal division of assets.
    • 2009 February 5, Tracey Tyler, “Hard times alter rules on divorce, court says”, in Toronto Star, Canada, retrieved 21 October 2015:
      The court set aside a trial judge's decision from 2007 that required Harold Serra to make an "equalization payment" of $3.3 million to his former wife.
    • 2011 July 14, Christine Dobby, “Divorce payment unenforceable after bankruptcy: SCC”, in Financial Post, Canada, retrieved 21 October 2015:
      In places like Manitoba and Ontario, where the distribution of family assets upon marriage breakdown is done through an equalization payment based on the value of what both spouses’ own, the claim can be extinguished through a discharge from bankruptcy.
    • 2013 January 23, Frank Di Pietro, “Minimize tax on marriage breakdown”, in advisor.ca, Canada, retrieved 21 October 2015:
      [T]he impact of income taxes shapes the size and type of assets that are transferred between spouses. So, carefully consider them when splitting assets as part of an equalization payment.

Synonyms

  • ((Canada) money transferred from the federal government to a province): transfer payment

See also

Further reading