By Tristan Tuckett with files from The Canadian Press

Federal Government Expands Regions Eligible for 2015 Livestock Tax Deferral

Feb 3, 2016 | 3:19 PM

The federal government has added 19 rural municipalities to the regions eligible for the 2015 Livestock Tax Deferral.

It allows livestock 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, reducing the tax burden associated with the original sale.

Eligible producers can request the tax deferral when filing their 2015 income tax returns.

Between April 1st and July 21st, 60 per cent of the Prairie agricultural landscape received below normal precipitation which affected the production of forage. This area represents 27,000 farms and more than 5.8 million cattle.

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