Livestock Tax Deferral Provision

By mmuise
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.

Deadline: Continuous Intake
Eligibility:

Applicants must:

  • be farmers who sell part of their breeding herd due to drought or flooding in prescribed drought or flood regions;
  • 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:

Date modified: 2023-08-21

About the author
mmuise