The Government of Canada has announced a final list of designated regions where tax deferrals have been authorized for 2014 due to the impact of drought or excessive moisture conditions on forage production.
Eligible producers will be able to defer income tax on the sale of their breeding livestock for one year in order to help replenish that stock in the following year.
Proceeds from deferred sales are then included as part of the producer's income in the next tax year, when those proceeds may be at least partially offset by the cost of replacing their breeding animals.
Source : SteinbachOnline