If the Tories get in (little chance) they should repeal the Air Canada PPA and put it on the same footing as WestJ, CanJ, Jgo et al.
If the Libs get back (Leader P. Martin, Montreal) or the NDP who hate airlines and the TCCA anyway, no chance.
Check out the Act here
http://laws.justice.gc.ca/en/A-10.1/text.html especially Section 6.1.