New Regions Designated for Livestock Tax Deferrals in 2014
May 28, 2015 - Ottawa, Ontario - Agriculture and Agri-Food Canada
The Government of Canada has announced a final list of designated regions where tax deferrals have been authorized for 2014 due to the impact of drought or excessive moisture conditions on forage production.
The tax deferral allows eligible producers in designated regions to defer income tax on the sale of their 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.
Eligible producers can request the tax deferral when filing their 2014 income tax returns, or if they have already filed, submit an adjustment request directly to the Canada Revenue Agency.
Media Relations
Agriculture and Agri-Food Canada
Ottawa, Ontario
613-773-7972
1-866-345-7972
Follow us on Twitter: @AAFC_Canada
