Sign up for the farmnewsNOW newsletter

Livestock Producers Receive Tax Relief for 2017

Feb 6, 2018 | 2:00 PM

The Government of Canada has released the final list of designated regions where livestock tax deferral has been authorized for 2017 due to drought, flood or excess moisture conditions.

Some of the local areas covered by the tax deferral include Birch Hills, and the Rural Municipalities of Prince Albert and Buckland.

Arnold Ballicki is the District 9A director for the Saskatchewan Cattlemen’s Association. He said the announcement is good news for producers.

“That really helps livestock producers with their tax situation, I mean it would be a real shame for them to have to be forced to sell because of a lack of feed or feed is too expensive,” he said.

The livestock tax deferral provisions allow livestock producers in prescribed drought, flood or excess moisture 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. Producers can request the tax deferral when filing their 2017 income tax returns.

 

news@farmnewsnow.com

On Twittter: @farmnewsNOW