Quebec’s finance minister of finance, Michel Audet, today announced that the province will follow the federal government’s lead to allow some income splitting for seniors.

As of January 1, 2007, Quebec’s tax system will allow taxpayers the option of splitting certain retirement income, it announced. This measure follows on the heels a similar announcement by the federal government back on Oct. 31, when it also introduced its new tax on income trusts.

“Following the federal announcement, I looked into the situation and I am pleased to announce today that, as of January 1, 2007, Quebec’s tax system will also allow couples the option to split their retirement income,” Audet said.

Almost 370,000 retired couples will enjoy a total tax cut of $106 million, as a result, Audet added. The average cut will be worth $286 per household.