Repercussions of drought conditions last year continue to be felt by livestock producers in some parts of Canada, and the federal government has announced that it plans to expand the designated regions eligible for tax deferral.
An initial list was issued in November. The new list includes areas of British Columbia, additional ones in Alberta, Ontario and Quebec and now several areas of Nova Scotia.
Livestock producers in the designated areas who had feed shortages last year can defer some of their 2016 proceeds from sale of breeding stock until 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,” said a government news release issued March 28.
Federal Agriculture Minister Lawrence MacAulay said the deferral is designed to help livestock producers manage the impacts of drought and focus on rebuilding their herds this year.
A full list is available at bit.ly/ 2nvfzRH.
