2018 Tax Relief for Livestock Producers
January 31, 2019
OTTAWA: Jim Eglinski, Member of Parliament for Yellowhead, is pleased to advise that Agriculture and Agri-Food Canada has indicated the need to expand the list of designated regions for 2018, with new regions identified for Alberta, Saskatchewan, Manitoba, and Ontario.
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 their 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.
“Those in the Yellowhead riding who have experienced forage shortages for their livestock in 2018, please check out the link below. The tax deferral will help our farmers manage the impacts of drought and be able to focus on rebuilding their herds and businesses” concluded MP Eglinski.