Quebec’s Minister of Finance, Michel Audet, praised the federal government’s decision to tax income trusts.

In a statement issued yestereday, Audet indicated that he is satisfied with the measures announced by federal finance minister, Jim Flaherty, to make the tax treatment of income trusts and public companies fair, correcting the bias in favour of the use of income trusts.

Audet said, “I salute the courage of the Minister of Finance of Canada. I am aware that this could call certain business strategies into question. However, it was important to curb the conversion of business corporations into income trusts. This initiative will help avoid major tax losses for Quebec, the federal government and the other provinces. Concerning the implementation of this new measure, discussions will be held with the federal government to determine the specific terms and conditions.”