Thank you, Mr. Chairman. As it sits right now, the benefactor of these decreases is the federal government because of the corporate filings in the Northwest Territories from these large companies, where 80 percent of those dollars that are filed flow to Ottawa. We may have $300 million filed by a corporation in the Northwest Territories, but we may retain $60 million with $240 million going to Ottawa.
Again, you make it sound like we have a pretty picture here, but at the end of the day we are penalized on our formula financing agreement because of those extra revenues that we generate.
I think to be honest to the people of the Northwest Territories, unless we change that situation where the federal government continues to be the benefactor of all filings of corporate taxes, personal income taxes, royalties and revenues that flow in the Northwest Territories, until we change that situation, we will always be going to Ottawa with hat in hand giving them revenues to run programs and services.
At the end of the day, when we find ourselves in a situation where we have a deficit, cutting programs and services, it is the residents of the Northwest Territories who are going to be the ones having to pay because we are going to have to cut programs and services. Ottawa, at the end of the day, for them we are just a cash cow and they will continue to keep it that way until we decide to change something or go to the federal government and seriously ask to change the formula that is there.
From what you are telling me, you just like the rosy picture you think we are in, but as far as I am concerned, it is not rosy when the federal government gets 80 percent of all of these corporate taxes that have been filed in the Northwest Territories. I would like to ask the Minister again, realistically, can we see a change with regard to the present formula we have with Ottawa where they retain less of the corporate taxes than they do right now?