Livestock producers offered tax relief

From paNOW
February 7, 2018 - 12:00pm

Local producers who were impacted by drought or flooding last year have received some assistance from the federal government.

The livestock tax deferral programs allows livestock producers in prescribed drought, flood or excess moisture regions to defer a portion of their 2017 sale proceeds of breeding livestock until 2018.

Federal Minister of Agriculture and Agri-Food Lawrence MacAulay said extreme weather and natural disasters created significant challenges for many Canadian livestock producers in 2017.

“This tax deferral will help producers manage the impacts of the adverse weather, while focussing on rebuilding their herds in the coming year. This will help farmers keep their businesses strong, while growing the economy and strengthening the middle class," he said in a media statement.

Arnold Ballicki, District 9A director for the Saskatchewan Cattlemen's Association, said the announcement is good news for local producers.

"That really helps livestock producers with their tax situation. I mean it would be a real shame for them to have to be forced to sell because of a lack of feed or feed is too expensive," he said.

Some of the local areas covered by the tax deferral provisions include Birch Hills, and the Rural Municipalities of Prince Albert and Buckland.

The full list of designated regions where the livestock tax deferral has been authorized for 2017 can be found here. Producers can request the tax deferral when filing their income tax returns.


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On Twitter: @nigelmaxwell


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