Federal Agriculture Minister Heath MacDonald has announced the initial list of regions that will qualify for the Livestock Tax Deferral in 2025.
The Livestock Tax Deferral provision allows livestock producers in prescribed areas, who are forced to sell all or part of their breeding herd due to drought, excess moisture or flooding, to defer a portion of their income from sales until the following tax year.
The income may be at least partially offset by the cost of reacquiring breeding animals, thus reducing the tax burden associated with the original sale.
Buffer zones have been applied to capture impacted producers who are outside the boundaries of the prescribed regions but may be experiencing similar conditions.
Weather, climate and production data from across Canada will continue to be monitored throughout the remainder of the season and regions will be added to the list when they meet the criteria.
