Thanks, Madam Chair. I want to commend the Minister. This is a different approach. This is not what we saw in the last Assembly. I want to encourage her to do this, and I think that it is a great improvement. It was what previous Finance Ministers had done in the past. In fact, I think the last revenue options paper is still available on the Department of Finance website. I think it is dated 2016, although I don't really recall if there was much public engagement around that.

Will the efforts by the Minister, though, include some new ideas around raising revenues? I'm going to lay out some, and I would be curious to get her reaction to some of them, but clearly, we need to be able to keep more of our own-source revenues. That may mean renegotiating the territorial formula funding arrangement or reaching some new understanding with the federal government that we get to keep more, if not all, of our own-source revenues. That's one thing.

Corporate taxes go up and down. Just look at this line item here on 134. Last year was expected to be $23 million, and it's actually in a deficit of $12 million. How does this happen? We cannot use corporate taxes as any kind of predictable revenue stream. It's just not the way that we can or should be capturing revenues from non-renewable resource development. Companies, and rightfully so, are going to file their corporate taxes in whatever place they can get the lowest tax rate, and that's usually not going to be the Northwest Territories.

Will the options paper also look at the idea of a capital tax or a resource tax? I just want to get a reaction to a few of those things that I have said, Madam Chair, from the Minister. Thank you.

Thank you, Member for Frame Lake. I would ask you to focus specifically on the questions if possible, Finance Minister, please.

Madam Chair, thank you. I have been writing down the list, as I'm sure others are, in listening to what is being said. As far as what we are going to put in there, the point of bringing this up and creating a plan for examining revenues, and taking it to committee, and then taking it out to the public, is to ensure that we examine all of the options and to try to be creative about it, which is something that we committed to in the course of the budget speech. I don't want to limit myself, and I don't intend to limit myself. Perhaps a much longer conversation is going to have to be had to ensure that we are adequately and fulsomely looking at every option.

I would just note, Madam Chair, that, with respect to some of the more volatile areas that are on the current revenue page, including the corporate taxes, I know that sometimes when, for example, we're then looking at available expenditures, we're conscious of that when creating estimates and when creating projections of where revenues will be going. I know there are volatile areas in there, and we're conscious of that when we're then creating plans to go forward, but yes. The short answer is that we will make sure that the list is fulsome, and I am confident that the Member is going to involve himself in that process so that I am alive to the various options. Thank you, Madam Chair.

Thank you, Minister of Finance. Member for Frame Lake.

Thanks, Madam Chair. It's all good news. That's great. No, I appreciate the Minister's response. Just one more thing that I want to say on this. It's not going to be the end of it, but when we are actually raising more money from tobacco and alcohol sales, cannabis sales, than we are from revenues that we get to retain from non-renewable resource development, there's something wrong with this picture, and I have said that in this House before.

Madam Chair, I want to move over to the borrowing plan, if I can. There is a line item in here at the bottom that says "loan guarantees." It's on page 135. Can someone tell me what those loan guarantees are about and who they are actually for? Thanks, Madam Chair.

Yes. I would just ask for a pause here, please. Member for Frame Lake, the borrowing plan will be considered separately after this departmental review today. I'd ask you to defer your question. Do you have any more questions on the departmental summary?

Thanks, Madam Chair. No, I think I've blown most of my steam on those pages already. Thanks, Madam Chair.

Thank you, Member for Frame Lake. Member for Kam Lake.

Thank you very much, Madam Chair. My colleague from Frame Lake had some good traction with his conversation about revenue taxes under the corporate income tax line. I am wondering if the Minister can confirm for me if small-medium businesses fall under the corporate income tax line. Thank you.

Thank you, Member for Kam Lake. Minister of Finance.

Madam Chair, yes, they do. Thank you.

Thank you, Minister. Member for Kam Lake.

Thank you very much, Madam Chair. My concern around that is our corporate income taxes for our large companies in the Northwest Territories are typically a lower percent than they are compared to the rest of Canada, and our taxes for our small and medium businesses are actually higher than they are for the average of the rest of Canada. I am wondering if the Minister of Finance is also willing to talk about our small and medium business income tax percentage as well over the life of this Assembly, and preferably this year? Thank you.

Thank you, Member for Kam Lake. Minister of Finance.

Thank you, Madam Chair, and, Madam Chair, yes, the commitment is to do that, as well. We can look at areas where we are not giving best value to residents, where we are overtaxing, which doesn't mean that we're not also looking to be more creative in areas where there can be new sources of revenue. I think that conversation will go hand in hand. Thank you, Madam Chair.

Thank you, Minister. Member for Kam Lake.

Thank you very much, Madam Chair. Also noting the grant from Canada that's our federal transfer payment there on the top of page 134, there was a 7.9 percent increase to our federal transfer payments where our population has remained fairly stable. I'm wondering if the Minister can speak to the percent increase of our federal transfer payments? Thank you.

Thank you. Member for Kam Lake. Minister of Finance.

I am going to turn over to the deputy minister, please.

Thank you, Minister of Finance. Deputy Minister.

Thank you, Deputy Minister. Are there any further questions on the departmental summary? Member for Hay River South.

Thank you, Madam Chair. I just want to talk about the small business tax, as well. I think that rate, I'm not sure what it is, around the 4 percent or something like that, which is higher than, probably, anywhere in Canada. I know, the last Assembly, there was a move to try and eliminate that for a period of time, and it got shot down before it even hit the floor. I am wondering if this Minister is not only willing to look at the rate, but also looking at maybe eliminating it for a period of time to assist small businesses, which would allow them to use those funds to help spur the economy in their areas, in their regions? Thank you, Madam Chair.

Thank you, Member for Hay River South. Minister of Finance.