Livestock Tax Deferral Provision
No fixed amount
Tax Credit
Description:
The Livestock Tax Deferral provision allows farmers who sell part of their breeding herd due to drought or flooding in prescribed drought or flood regions to defer a portion of sale proceeds to the following year. To defer income, the breeding herd must have been reduced by at least 15%.
Comments on Funding:
Funding will take the form of a tax deferral:
1. where the breeding herd has been reduced by at least 15%, but less than 30%, 30% of income from net sales can be deferred;
2. where the breeding herd has been reduced by 30% or more, 90% of income from net sales can be deferred.
Continuous Intake
Eligibility:
Applicants must:
1. be farmers who sell part of their breeding herd due to drought or flooding in prescribed drought or flood regions;
2. have their breeding herd reduced by at least 15%.
Application Steps:
For more information on the process or criteria to identify Prescribed Drought or Flood Regions, the applicant must contact aafc.taxdeferral-reportdelimpot.aac@agr.gc.ca.
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
About the author
Maurice
