November 22, 2016 16:43 ET
Alberta, Ontario and Quebec regions designated for the 2016 Livestock Tax Deferral Provision
OTTAWA, ONTARIO--(Marketwired - Nov. 22, 2016) - Agriculture and Agri-Food Canada
Minister of Agriculture and Agri-Food, Lawrence MacAulay, today released a list of designated regions in Alberta, Ontario and Quebec where livestock tax deferrals have been authorized for 2016 due to drought.
The livestock tax deferral provisions allow livestock producers in prescribed drought regions to defer a portion of their 2016 sale proceeds of breeding livestock until the next year to help replenish the herd. The cost of replacing the animals in the next year offsets 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 areas prescribed as drought regions. Producers can request the tax deferral when filing their 2016 income tax returns.
"The Government of Canada understands the impacts that drought and other extreme weather conditions had on farm operations this year, forcing some producers to make difficult business decisions. This tax relief will allow affected farmers to defer a portion of their sales to the next year, assisting them in making sound herd-management decisions."
- Lawrence MacAulay, Minister of Agriculture and Agri-Food
- Livestock Tax Deferral Provisions - Designated Areas Eligible for 2016
- Growing Forward 2 - Business Risk Management Programs (Agriculture and Agri-Food Canada)
- Drought Watch (Agriculture and Agri-Food Canada)
Follow us on Twitter: @AAFC_Canada
Like us on Facebook: CanadianAgriculture
Guy GallantDirector of CommunicationsOffice of the Honourable Lawrence MacAulay613-773-1059Media RelationsAgriculture and Agri-Food CanadaOttawa, Ontario613-773-79721-866-345-7972
See all RSS Newsfeeds