GFM Network News

More producers eligible for livestock tax deferral

Reading Time: < 1 minute Ottawa has announced additional regions where livestock producers are eligible for tax deferrals. This allows producers who faced feed shortages to defer a portion of their 2015 sale proceeds of breeding livestock until the following year. The cost of replacing the animals in the next year offsets the deferred income, which reduces the producer’s taxes. […] Read more

Tax deferral an option — but is it your best one?

Tax deferral an option — but is it your best one?

Experts say you should run the numbers and get expert advice before deciding how much tax to defer

Reading Time: 4 minutes It’s a classic ‘good-news, bad-news’ story. The bad news is: If you’re a producer reading this in Alberta, chances are you live in one of the vast majority of Alberta municipalities devastated by drought or other inclement weather. The good news is you may be eligible for the Federal Livestock Tax Deferral, which allows producers […] Read more

Look to crop insurance first: Ritz

While many crops across Western Canada are withering under intensifying drought, Agriculture Minister Gerry Ritz says ad hoc programs are not the answer should producers require assistance. However, tax deferral will be available for affected ranchers. “We don’t need ad hoc (assistance), we’ve got a very comprehensive system of business risk management,” said Gerry Ritz, speaking […] Read more

(Photo courtesy Canada Beef Inc.)

Tax deferrals kick in for soaked and parched West

Ranchers under pressure from this year’s drought in B.C. and northwestern Alberta and excess moisture in western Manitoba and eastern Saskatchewan may get income tax deferrals for their trouble. The federal government on Tuesday released its first list of designated areas for 2014, within which eligible producers who sold breeding livestock may be allowed to […] Read more