Ottawa announces livestock tax deferral
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Hey there, time traveller!
This article was published 18/02/2020 (1525 days ago), so information in it may no longer be current.
The federal government has announced new measures aimed at helping livestock producers affected by last year’s bad weather.
The livestock tax deferral has been approved in southern Manitoba, southern Saskatchewan, parts of Alberta and British Columbia, the government announced Tuesday.
The provision allows livestock producers in the regions to defer a portion of their 2019 sale proceeds of breeding stock until 2020 to help replenish their herd, according to a press release from Agriculture and Agri-Food Canada.
“The cost of replacing the animals in 2020 will offset the deferred income, thereby reducing the tax burden associated with the original sale,” the press release says.
In southern Manitoba, the 2019 season started with near-drought conditions and ended with heavy rains and snow, making harvest difficult for some producers.
“Extreme and unpredictable weather made 2019 a very difficult year for many livestock producers across Canada. It is a priority for our Government to help our farmers and ranchers get the resources and support they need to manage and rebuild their herds,” said Minister of Agriculture and Agri-Food Marie-Claude Bibeau in the press release.
Livestock tax referral is available in regions where weather conditions caused a forage shortfall of 50 per cent or more. Eligibility was determined based on weather, climate and production data in consultation with industry and the provinces.
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