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Tax Deferral Program for Prescribed Drought Region |
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| Eligibility |
| Owners of breeding livestock in designated areas |
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Under this program, owners of breeding livestock in designated areas who are forced to sell all or part of their breeding herd due to drought conditions, are eligible for a one-year tax deferral on income from those sales.
The deferral allows eligible farmers to defer income tax on the sale of breeding livestock for one year to replenish breeding stock in the following year. In the case of consecutive years of drought designation, producers may defer sales income to the first year in which the area is no longer designated. Eligible farmers will be able to request this deferral when filing their income tax returns.
For more information, contact a local Canada Revenue Agency office. |
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For more information about the content of this document, contact Ag-Info Centre.
Last Reviewed/Revised on April 27, 2011.
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