Minister of Agriculture and Agri-Food Lawrence MacAulay today released a list of additional designated regions where tax deferrals have been authorized for 2015 as a result of dry conditions in Western provinces.
Livestock tax deferral allows producers in prescribed drought regions who are facing feed shortages to defer a portion of their 2015 sale proceeds of breeding livestock until the next year. The cost of replacing the animals in the next year offsets the deferred income, thereby reducing the tax burden associated with the original sale. Eligible producers can request the tax deferral when filing their 2015 income tax returns.
Source : AAFC