Last month, after Prime Minister Mark Carney visited the European Parliament in Strasbourg, France, and announced that Canada and the European Union would pursue a closer relationship, we asked for your questions about the topic.

In our recent one-hour interview with Mr. Carney, he spoke extensively about his vision for this new relationship. And Jeanna Smialek, our Brussels bureau chief, obtained a copy of the draft statement being prepared ahead of a summit in Montreal at the end of this month between the European Union and Canada.

So we return to the question of the European Union — one I’m excited to tackle as a former Brussels correspondent who dedicated nearly a decade to covering the bloc.

What exactly does it mean to be an “associate member” of the European Union? Will it change Canadian taxes?

“Associate membership” is not a formal designation, and Mr. Carney and European officials walked back the term after announcing it in Strasbourg, concerned that the label was causing confusion and distracting from the substance. The title doesn’t mean much right now, but what you should read into it is a strong desire from both sides to formalize a close relationship that goes well beyond trade. Such a relationship should not change taxes or other clear domestic policies in Canada; Mr. Carney has said he has no interest in giving up sovereignty to the European Union, and tax policy is a deeply sovereign matter. It’s also worth knowing that tax policy is set nationally for E.U. members, but they all contribute jointly to a shared budget. Canada would not be expected to do so under the current terms of negotiation. But, for example, Canada would contribute financially to the cherry-picked programs it wants to be part of. Canada already contributes financially to Horizon, the European Union’s research and innovation program, in order for Canadian institutions to be eligible for grants under the program.

Will this change antitrust and privacy laws in Canada?

This is complex, given how little we know about the future shape of this relationship. It is plausible that Canada and the European Union will seek to coordinate and make these policy areas compatible, as they do affect parts of the relationship they want to deepen.

Looking for evidence of this, I examined the leaked draft of the statement being prepared by Canadian and European officials, set to be delivered at the end of the Montreal summit. Changes could be made to it over the next few weeks, but it says, “We have concluded negotiations on a second-generation competition agreement that strengthens cooperation between competition authorities, to effectively address anticompetitive conduct and foster a more open, innovative and competitive marketplace for businesses and consumers.”

Privacy is a key area where the two might coordinate. While the word itself is not mentioned in the draft document, we know that Canada and the European Union are planning to cooperate on digital and data sovereignty and an array of online elements — including payments systems — that would require common privacy rules to function cross-border.

It is worth noting that Mr. Carney told us, during his interview at The New York Times last week, that he was not interested in importing overregulation from the European Union into Canada.

Will Canada keep its currency or adopt the euro?

There is virtually no chance that Canada will adopt the euro, the common currency shared by most members of the European Union. The euro is not available to non-E.U. nations, and Canada will not become an E.U. member, however deep the future association with the bloc is. The level of coordination and financial, macroeconomic integration required to become a member of the common currency is unfathomable for Canada given current and future conditions.

What does this mean for E.U.-Canada immigration links?

It seems likely that expansions of immigration benefits would be focused on youth and highly skilled professionals. Mr. Carney spoke about Canada’s joining Erasmus, the wildly popular E.U. student-exchange program. Canada would need to pay into a budget to participate in that program, but Mr. Carney has shown interest in doing so, and the draft statement specifies that talks about this are going to begin in earnest. If successful, it would mean that Canadian students could study at European universities, and European youth could come to Canada to study.

Additionally, the E.U. and Canada have a special protocol for architects, whose qualifications are mutually recognized. The draft statement mentions a willingness to expand that model to other professions. It says: “Canada and the European Union will also launch discussions on enhancing labor mobility, with a focus on reducing barriers for young people and highly skilled workers and promoting greater recognition of professional qualifications.”

Will Canada become a member of Schengen? Will the “three-months-in, three-months-out” rule change?

Canada will not be a member of the Schengen Treaty. Conceptually, the answer is similar to the one about the euro. Schengen is the area that includes most E.U. members and some European nations that are not members, where people can move freely without being required to show their passports. It is also not likely that Canadians will be able to jump in that faster “E.U. citizens” queue at European airports anytime soon.