The Government of Canada released a list Thursday of regions that have been authorized to receive a livestock tax deferral because of extreme weather in 2019.
The initial list crafted in June of 2019 included regions in British Columbia, Alberta, Saskatchewan, Manitoba and Quebec. New regions in each province were added Thursday along with areas in Ontario as well.
“Extreme and unpredictable weather made 2019 a very difficult year for many livestock producers across Canada. It is a priority for our Government to help our farmers and ranchers get the resources and support they need to manage and rebuild their herds,” Canada’s Minister of Agriculture and Agri-Food Marie-Claude Bibeau said.
Canada’s livestock tax deferral provision allows producers harmed by drought, flood or excess moisture to defer a portion of 2019 sales to breeding livestock until 2020 to aid in replenishing the herd. The cost of replacing the animals in 2020 will offset the deferred income, reducing the tax burden of the original sale.