Perhaps I'll use the example of Aliant, which has become an income trust. They're a major corporate taxpayer in Atlantic Canada and a major corporate taxpayer in Prince Edward Island, but because so many unit holders of that trust reside outside the region, in my opinion we get penalized twice under that structure. On the one hand we lose corporate tax. On the other hand, we do not gain any equivalency of personal income tax back because most of that personal income tax is paid outside the jurisdictions.
For the most part, on income trusts, in our case Aliant was a large corporate taxpayer, and some of what were coming down the line looked to be large companies and large corporations. Our fear was what might happen if two or three more large corporate taxpayers in our jurisdiction or in Atlantic Canada in general decided to move to income trusts. We felt we had a double penalty because of them moving in that direction.