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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
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English
Noun
equalization payment (plural equalization payments)
- (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.
2008 February 26, “Opinion: Ontario to join "have-nots"?”, in National Post, Canada, retrieved 21 October 2015:Ontario may soon be classed as a "have-not" province and receive equalization payments for the first time in its history.
- (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