Livestock Producers in Western Canada: You May be Eligible for Tax Deferral

If you were impacted by extreme drought or moisture in 2014, there may be some good news coming your way, as the Government of Canada has finalized a list of regions eligible for tax deferral for 2014.

The changes mean that eligible producers will be able to defer a portion of their income from sales of breeding livestock for one year. Should you want to return to the game in the following year, these proceeds could then be offset by the cost of replacements.

In order to be eligible for the tax deferral, your breeding herd must have been reduced by at least 15%. A 15%-30% reduction in the breeding herd size will allow producers to defer 30% of their income from net sales. Any herd reduction beyond 30% will be eligible for a deferral of 90% of the income from net sales.

List of All Designated Areas Eligible for 2014

If you’re eligible and interested, request a tax deferral when filing your 2014 income tax returns. If you’ve already submitted your returns, submit an adjustment request to the Canada Revenue Agency.

For more details on farm tax deferrals, check out Canada Revenue Agency or email [email protected].

Related:
Ruminating with RealAg — Ep. 9: The Looming (MAY 28) WLPIP Calf Coverage Deadline
TPP Participation is Critical for Maintaining Canadian Pork Exports

 

RealAgriculture News Team

A team effort of RealAgriculture's videographers and editorial staff to make sure that you have the latest in what is happening in agriculture.

Trending

Wheat prices jump into August — This week in the grain markets

This week, winter wheat prices touched a three-year high, but it didn’t last. Chicago SRW wheat prices for September 2018 gained 5 per cent or about 26 cents US/bushel to close at $5.56. While the December 2018 contract was up 5.4 percent — or nearly 30 cents — to finish a tad under $5.80. In…Read more »

Related

Leave a Reply

 

This site uses Akismet to reduce spam. Learn how your comment data is processed.