By Alice McFarlane

Feds release Livestock Tax Deferral zones

Jun 20, 2024 | 1:43 PM

Livestock Tax Deferral serves as an instrument for the government in easing the financial burden on farmers during natural disasters.

Agriculture and Agri-Food Minister Lawrence MacAulay has released an early list of regions that are eligible for this year’s Livestock Tax Deferral.

The program allows livestock producers in specified areas who are forced to sell all or part of their breeding herd due to drought, flooding or excess moisture to defer a portion of their income from sales until the following tax year. The income may be at least partially offset by the cost of reacquiring breeding animals, reducing the tax burden associated with the original sale.

The federal government streamlined the process so it could identify regions earlier in the growing season. It also instituted a buffer zone to adjacent regions for impacted producers on the edges of affected regions.

Weather, climate and production data from across Canada will continue to be monitored throughout the remainder of the season and regions will be added to the list when they meet the criteria.

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A complete list of the areas in the tax deferral zone, by province, can be found here.

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alice.mcfarlane@pattisonmedia.com

On X: @farmnewsNOW