By Dori Modney (@Dori_Modney on Twitter)

Additional Regions designated for 2016 Livestock Tax Deferral Provision

Mar 28, 2017 | 3:34 PM

OTTAWA –  The federal Government has released a list of additional designated regions in B.C., Alberta, Ontario, Quebec and Nova Scotia where livestock tax deferral has been authorized for 2016 due to drought conditions.

 An initial list of designated regions in Alberta, Ontario and Quebec for livestock tax deferral purposes were announced last November.

However, on-going analysis has indicated the need for additions to the designated regions and those regions include several in Southern Alberta. 

Livestock Tax Deferral Provision – Designated Areas Eligible for 2016

The livestock tax deferral provision allows producers in designated drought regions who are facing feed shortages, to defer a portion of their 2016 sale proceeds of breeding livestock to 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. 

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More information can be found at:

— Growing Forward 2 – Business Risk Management Programs (Agriculture and Agri-Food Canada)

— Drought Watch (Agriculture and Agri-Food Canada)