2016 List for Livestock Tax Deferral Provision Released
August 8, 2017
OTTAWA: Jim Eglinski, Member of Parliament for Yellowhead, is pleased to inform local farmers that the final list of designated regions for 2016 under the Livestock Tax Deferral Provision has been released from Agriculture and Agri-Food Canada.
“Our area – Parkland County in 2015, for example – has experienced local agricultural disasters in recent years. I have seen the results of drought brought on by weather conditions and the financial toll it can take on our farmers,” stated MP Eglinski.
The livestock tax deferral provision allows producers in the designated drought regions who are facing feed shortages, to defer a portion of their sale proceeds of breeding livestock to the next year. The cost of replacing the animals in the next year offsets the deferred income, thereby reducing the tax burden associated with the original sale.
Eligible producers can request the tax deferral when filing their 2016 income tax returns, or if they have already filed, submit an adjustment request directly to the Canada Revenue Agency.
A complete list of the designated regions can be found at www.agr.gc.ca/drought.
“Both past and present members of our Conservative Caucus are farmers and agricultural producers from all parts of Canada. We understand the importance of farmers and the necessity of tax relief programs, such as this, to protect them when droughts hit,” concluded MP Eglinski.