Farmers in southern Alberta and southern Saskatchewan who must sell breeding livestock because of drought in 2007 will be eligible for a one-year tax deferral, says the federal government.
The deferral was made after reviewing forage yield, precipitation, soil moisture and water supply data for the 2007 growing season.
Thirty percent of income from net sales can be deferred if the breeding herd has been reduced by at least 15 percent, but less than 30 percent. Where the herd has been reduced by 30 percent or more, the producer can defer 90 percent of the income from net sales.
“This government understands the ongoing impact drought has on farmers, which is why (Alberta and Saskatchewan) farmers struggling with drought will continue to receive support from the government of Canada through our tax deferral program,” said federal agriculture minister
Gerry Ritz in a News release
news.
