FORT ST. JOHN, B.C. – The Government of Canada has released the final list of designated regions where livestock tax deferral has been authorized for 2019.
According to the Government, livestock tax deferrals are being designated for certain regions due to extreme weather conditions.
The Government says the livestock tax deferral provision will allow livestock producers in prescribed drought, flood or excess moisture regions to defer a portion of their 2019 sale proceeds of breeding livestock until 2020 to help replenish the herd.
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The cost of replacing the animals in 2020 will offset the deferred income, thereby reducing the tax burden associated with the original sale.
The Peace Region has been included as one of the designated regions eligible for livestock tax deferral.
More information on the livestock tax deferral can be found on the Government of Canada’s website.