38th PARLIAMENT, 1st SESSION
EDITED HANSARD • NUMBER 018
CONTENTS
Friday, October 29, 2004

Natural Resources
Mr. Ed Komarnicki (Souris—Moose Mountain, CPC): Mr. Speaker, the province of Saskatchewan has been losing equalization payments in excess of $1.08 for every dollar of oil sold under the current equalization formula. The Prime Minister has promised that Newfoundland and Labrador will keep 100% of its offshore oil revenue, and maybe it is and maybe it is not.

Will the Minister of Finance, on the record in the House, promise not only to pay back to Saskatchewan all the excess clawed back under the equalization formula, but also ensure that the province of Saskatchewan will keep 100% of its oil revenues?

Hon. Ralph Goodale (Minister of Finance, Lib.): Mr. Speaker, first, I am very pleased to report to the hon. gentleman that because of the elimination of the clawback in fiscal 2004-05, which will provide a benefit to Saskatchewan of some $590 million, anything that was owed from a previous time has already been returned, as the province of Saskatchewan has acknowledged.

Indeed, Saskatchewan is on the cusp of becoming a have province within Confederation, and we are very proud of that in Saskatchewan.