The pressing need to review this program (and, indeed, many other federal-provincial fiscal arrangements) has been revealed by the COVID-19 disruptions. There are complex considerations, and critically important ones. Fiscal arrangements are at the heart of federalism in Canada. And as noted by Beland, Dahlby, and Orsini (2020) and Beland et al. (2020), COVID-19 may represent a critical juncture where governments enact reforms with lasting implications for our country. Getting reform right will require thoughtful and rigorous analysis by governments, academics, and policy experts throughout the country. We should start with the stabilization program. It has never - in its entire history - been the subject of exhaustive review and reforms to the degree that equalization has. It’s time to remedy that.