We've been there before.
"Ontario was a have-not province for five years between 1977 and 1982, and the reasons then are the same as the reasons now — it was the time of the first energy price shock and Alberta's revenues went sky high," [Queen's University economics professor Tom Courchene] explained.
What did the Feds do then? They changed the rules.
Ontario .... qualified for equalization payments over the 1977-82 period and was retroactively excluded from receiving payments by what has come to be known as the "personal income override," ie, essentially, no province whose per-capita income exceeds the national-average level is eligible for equalization.
Would they do that again? In a heartbeat. There's no way the Feds will allow Ontario to receive equalization payments. Its not a politically acceptable option in this country. So go ahead, keep sticking it to Ontario. See how much we can stand before we get really angry. We took it on the chin once, see if we will again.
Update LKO won't let this go either.