- Religious Freedom
Ottawa, Ontario – Agriculture and Agri-Food Canada
Agriculture Minister Gerry Ritz today released a list of designated regions in British Columbia, Alberta, Saskatchewan and Manitoba where tax deferrals have been authorized for 2015.
The designation allows livestock producers in prescribed drought regions who are facing feed shortages to defer a portion of their 2015 sale proceeds of breeding livestock for one year in order to help replenish that stock in the following year. Proceeds from deferred sales are then included as part of the producer’s income in the next tax year, when those proceeds may be at least partially offset by the cost of replacing their breeding animals.
To defer income, the breeding herd must have been reduced by at least 15%. If this is the case, 30% of income from net sales can then be deferred. In cases where the herd declines by 30 per cent or more, 90% of income from net sales can be deferred. Eligible producers can request the tax deferral when filing their 2015 income tax returns.
“Our Government understands the situation facing livestock producers across western Canada. This tax deferral will provide producers with the flexibility they need to make decisions in the best interest of their individual operations.”
Director of Communication
Office of the Honourable Gerry Ritz
Agriculture and Agri-Food Canada
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