Ottawa, Ontario - New Regions Added under the Livestock Tax Deferral Provision
The Government of Canada today released a list of additional regions in Alberta, Saskatchewan, Manitoba, Quebec and New Brunswick where livestock tax deferral has been authorized for 2018 due to drought.
On September 14th, 2018, the Government announced the initial list of prescribed regions in British Columbia, Alberta, Saskatchewan, Manitoba, and Quebec for livestock tax deferral purposes.
The livestock tax deferral provision allows producers in prescribed drought or excess moisture regions to defer a portion of their 2018 sale proceeds of breeding livestock until 2019 to help replenish the herd. The cost of replacing the animals in 2019 will offset 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 prescribed areas. Producers in those regions can request the tax deferral when filing their 2018 income tax returns.
Source : Government of Canada