Ottawa, Ontario - Agriculture and Agri-Food Canada
Extreme weather conditions have caused feed shortfalls in several provinces, which has led to designated regions in British Columbia, Alberta, Saskatchewan, Manitoba, and Quebec being eligible for livestock tax deferral provision.
Our Government today released an initial list of these designated regions where livestock tax deferral has been authorized for 2018 due to drought or excess moisture conditions.
The livestock tax deferral provisions allow livestock producers in prescribed drought, flood or excess moisture regions to defer a portion of their 2018 sale proceeds of breeding livestock until 2019 to help replenish the herd. The cost of replacing the animals in 2019 will offset the deferred income, thereby reducing the tax burden associated with the original sale.
Eligibility for the tax deferral is limited to those producers located inside the designated prescribed areas. Producers in those regions can request the tax deferral when filing their 2018 income tax returns.
Source : Agriculture and Agri-Food Canada