Livestock Tax Deferral Provision

 
  From the August 21, 2017 Issue of Agri-News
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 The final list of designated regions where livestock tax deferral has been authorized for 2016 due to drought conditions in five provinces, including Alberta, is now available.

The other provinces are British Columbia, Quebec Ontario and Nova Scotia.

The livestock tax deferral provision allows producers in 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.

See the final list of designated regions for 2016.

Contact:
Media Relations
Agriculture and Agri-Food Canada
Ottawa, Ontario
613-773-7972
1-866-345-7972

 
 
 
 
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For more information about the content of this document, contact Ken Blackley.
This information published to the web on July 27, 2017.
Last Reviewed/Revised on August 8, 2017.