Calves in the field -- LNN

By Dori Modney with files from Agriculture Canada

New regions added to Livestock Tax Deferral Provision for 2019

Feb 19, 2020 | 4:51 PM

OTTAWA – The final list has been released for designated regions where 2019 federal livestock tax deferrals have been authorized due to extreme weather conditions.

On July 22, 2019, the government announced an initial list of prescribed regions in B-C, Alberta, Saskatchewan, Manitoba and Quebec. An ongoing analysis of drought conditions and excess moisture indicated the need to expand the list.

Revised Tax Deferral Regions – Government of Canada

The criteria for identifying regions for livestock tax deferral is forage shortfalls of 50 percent or more caused by drought or excess moisture. Eligible regions are identified based on weather, climate, and production data, in consultation with industry and provinces.

The livestock tax deferral provision allows producers in designated drought, flood or excess moisture regions to defer a portion of their 2019 sale proceeds of breeding livestock until 2020 to help replenish the herd.

WHAT’S ON

Here is what's on for Halloween in Medicine Hat, Redcliff and area

14h ago

WHAT TO KNOW

Here's where to find Medicine Hat's spookiest homes on Halloween

15h ago

CITY HALL

Medicine Hat's city vehicle naming contest wraps up

17h ago

The cost of replacing the animals in 2020 will offset the deferred income, thereby reducing the tax burden associated with the original sale.

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.

A full list of the designated areas for tax deferral can be found at Agriculture and Agri-Food Canada.