Mr. Speaker, in terms of net advantage the hon. member, the Minister of Foreign Affairs and Minister of the Atlantic Canada Opportunities Agency said that this would provide a net benefit deal for all provinces. Unfortunately, to opt into the new equalization strategy formula, as proposed by the government under budget 2007, the province of Newfoundland and Labrador would have to agree to lose $238 million in the upcoming fiscal year. Also we would lose $101 million this past fiscal year and an additional $25 million next year.
However, the province of Nova Scotia would gain $95 million, according to the minister, if it were to opt into the new equalization formula, a formula that basically has two decision points in it, either a full exemption of non-renewables or a 50% exemption of non-renewables.
Is the minister saying, because this is a very interesting point, that it could gain $95 million this year? We know that in years to come, under the new formula, it could lose more money relative to what it would achieve under the Atlantic accord. Could it move back to the old Atlantic accord should that be a more beneficial circumstance for the province of Nova Scotia?