A measure to expand the income deferrals available to ranchers forced to sell off breeding livestock is up for implementation in Parliament.
Federal Finance Minister Jim Flaherty on Wednesday tabled a notice of ways and means motion to implement the measure, among others such as the government’s much-publicized home renovation tax credit.
The government in March pledged to expand the measures that grant ranchers in designated drought areas to defer, for at least a year, some or most of the taxable income on drought-induced sales of breeding stock.
The expansion is to allow the same income deferrals for ranchers whose operations were equally unproductive due to excess moisture, starting with the 2008 income tax year.
Areas designated for the deferral in 2008 included much of Manitoba’s Interlake and Westlake regions, which saw substantial overland flooding and excess moisture in 2008.
Flaherty’s ways and means motion also implements the first-time home buyers’ tax credit and amends the federal Customs Tariff to relax the conditions relating to temporarily-imported shipping containers.
