The Government of Canada Wednesday released the final list of designated regions where livestock tax deferral has been authorized for 2017 due to drought, flood or excess moisture.
In November, Agriculture and Agri-Food Canada announced the initial list of designated regions in British Columbia, Alberta, Saskatchewan and Quebec, for livestock tax deferral purposes. But, the agency says ongoing analysis has identified additional regions in British Columbia and Saskatchewan that experienced forage shortfalls in 2017.
The livestock tax deferral provisions allow livestock producers declared regions to defer a portion of their 2017 sale proceeds of breeding livestock until 2018 to help replenish the herd. The cost of replacing the animals in 2018 will offset the deferred income, thereby reducing the tax burden associated with the original sale.
Canada’s Ag Minister Lawrence MacAulay says the deferral “will help producers manage the impacts of the adverse weather, while focussing on rebuilding their herds in the coming year.”
From the National Association of Farm Broadcasting News Service.