Tax relief offered to livestock producers short on feed

If you’re forced to sell breeding stock but planning to restock, you can defer taxes for a year

Twenty-one counties and municipal districts in Alberta are on the “initial list” of regions where livestock producers can defer taxes because of feed shortfalls.

The federal government’s Livestock Tax Deferral Provision program allows producers to defer a portion of their 2018 sale proceeds of breeding livestock until 2019 to help replenish the herd. The cost of replacing the animals in 2019 will offset the deferred income, which lowers the tax bill.

But producers must be in designated areas before they can request the tax deferral when filing their 2018 income tax returns.

The regions on the initial list released by the government are:
— Beaver County
— City of Calgary
— Camrose County
— Cardston County
— Cypress County
— Forty Mile County No. 8
— Kneehill County
— Lacombe County
— Lethbridge County
— Mountain View County
— Newell County
— Pincher Creek No. 9
— Ponoka County
— Red Deer County
— Rocky View County
— Municipal District of Taber
— Vulcan County
— Warner County No. 5
— Wetaskiwin County No. 10
— Wheatland County
— Willow Creek No. 26

For more information on the program, go to the Agriculture and Agri-Food Canada website.

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