Ontario and Quebec Livestock Producers Hit by Drought Get Tax Deferral

Aug 28, 2012

Canadian Government Offers Tax Referral to Affected Counties

Drought has made it a hard year for livestock farmers, who are trying to stay afloat. The Canadian government announced today that livestock farmers impacted by the drought in Ontario and Quebec will be able to take advantage of tax deferrals. The government is also allowing farmers to access assistance through various farm programs including - AgriInsurance, AgriStability, and AgriInvest. Producers can contact Agricorp and La Financière agricole du Québec.

"This summer's hot and dry weather has drastically reduced feed supplies for many Ontario and Quebec farmers, forcing them to make some tough herd management decisions," said Agriculture Minister Gerry Ritz. "With a tax deferral, producers will have some breathing room by being able to redirect money towards replenishing next year's breeding stock and get back to business.."

Who is eligible?

The tax deferral will allow eligible farmers to defer income tax on the sale of breeding livestock for one year. In order to be eligible, for the tax deferral a farmers breeding herd would have to be reduced by a minimum of 15% - in those cases 30% of income from net sales can be deferred. In other extreme cases where breeding herds have been reduced by 30% more, a net income of 90% can be deffered.

Livestock producers must contact their local Canada Revenue Agency Tax Services Office for more details on income tax provisions or visit the AAFC website at www.agr.gc.ca.

Tax Deferral Applicable Regions:

ONTARIO

Census Division Brant

Census Division Haldimand-Norfolk

Census Division Hamilton

Census Division Ottawa

District of Parry Sound

District Municipality of Muskoka

County of Bruce

County of Dufferin

County of Grey

County of Huron

County of Lanark

County of Oxford

County of Perth

County of Renfrew

County of Wellington

Regional Municipality of Halton

Regional Municipality of Niagara

Regional Municipality of Waterloo

United Counties of Prescott and Russell

QUEBEC

Regional County Municipality of Les Collines-de-l'Outaouais

Regional County Municipality Papineau

Regional County Municipality of Pontiac

Territory Equivalent Gatineau

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