List Of Areas For Livestock Tax Deferrals Increased
The federal government has released an expanded list of designated regions for livestock tax deferral following last summer’s drought.
The tax deferral allows producers who dealt with extreme drought conditions to defer a portion of the 2016 sale proceeds of breeding livestock to 2017.
Farmers in areas of Ontario, BC, Alberta, Quebec and Nova Scotia were forced into selling off large portions of their breeding herds as feed became scarce and water supplies ran dry.
Minister of Agriculture and Agri-food Lawrence MacAulay says the tax deferral will help producers manage the impact of last year’s drought, and allow them to focus on rebuilding their herds in the coming year.
Producers in the areas specified by Agriculture and Agri-food Canada can request the livestock tax deferral when they file their 2016 income tax returns.
The government notes approved farmers can also get assistance through programs like AgriInsurance, AgriStability and AgriInvest.