The majority of Saskatchewan is included in the Federal Government’s 2019 Livestock Tax Deferral Map.
Under the program, eligible areas are deemed to have a forage shortfall of 50 percent or more due to drought or excess moisture.
Producers in the designated areas are then allowed to defer a portion of their 2019 sale proceeds of breeding livestock until 2020 to help replenish the herd.
The idea being the cost of replacing the animals in 2020 will offset the deferred income, thereby reducing the tax burden associated with the original sale.
Producers in the designated regions can request the tax deferral when filing their 2019 income tax returns.Click here to see more...