That's including both corporate taxes and the way they relate to the royalty. The royalty in Alberta has been very well structured. It's very similar to the supplementary tax they have in Norway, where in principle it's supposed to be a rent tax. There are no rents at the margins, so you shouldn't have any royalties paid at that margin. I won't go into all the technical stuff, but an interaction goes on between the corporate tax and the royalty, which is something that I've pointed out now in a number of publications, including one in Australia. When you increase the royalty rate, it raises that marginal tax rate. In principle, it shouldn't do that. It's because of those interactions.
On April 30th, 2013. See this statement in context.