Live­stock pro­duc­ers re­ceive tax re­lief for 2018

Prairie Post (West Edition) - - Alberta -

The Govern­ment of Canada Oct. 30 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 Sept. 14, 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.

“This past year, ex­treme weather con­di­tions have caused feed short­falls for Canada’s live­stock pro­duc­ers in sev­eral prov­inces.

The Live­stock Tax De­fer­ral Pro­vi­sion will help give pro­duc­ers the re­sources needed to help re­build their herds and get back to busi­ness," said Lawrence Ma­cAulay, Min­is­ter of Agri­cul­ture and Agri-Food

QUICK FACTS

• Low mois­ture lev­els re­sulted in sig­nif­i­cant for­age short­ages for live­stock pro­duc­ers in British Columbia, Al­berta, Saskatchewan, Man­i­toba, Que­bec and New Bruns­wick in 2018. One op­tion for pro­duc­ers is to re­duce their breed­ing herd in or­der to man­age feed sup­plies.

• In ad­di­tion to the live­stock tax de­fer­ral pro­vi­sion, pro­duc­ers have ac­cess to as­sis­tance through ex­ist­ing Cana­dian Agri­cul­tural Part­ner­ship Busi­ness Risk Man­age­ment pro­grams, which in­clude AgriIn­surance, AgriSta­bil­ity and AgriIn­vest.

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