Livestock Producers in Three Provinces Receive Tax Relief for 2016

Nov 23, 2016

The livestock tax deferral provisions allow livestock producers in prescribed drought regions to defer a portion of their 2016 sale proceeds of breeding livestock until the next year to help replenish the herd.

The cost of replacing the animals in the next year offsets the deferred income, thereby reducing the tax burden associated with the original sale.

"The Government of Canada understands the impacts that drought and other extreme weather conditions had on farm operations this year, forcing some producers to make difficult business decisions," MacAulay stated.

Low moisture levels resulted in significant forage shortages for livestock producers in Alberta, Ontario and Quebec forcing some producers to sell all or part of their breeding herd.

Eligibility for the tax deferral is limited to those producers located inside the designated areas prescribed as drought regions. Producers can request the tax deferral when filing their 2016 income tax returns.

In addition to the tax deferral, livestock producers are encouraged to take full advantage of assistance available under Growing Forward 2 Business Risk Management programs.

"This tax relief will allow affected farmers to defer a portion of their sales to the next year, assisting them in making sound herd-management decisions," MacAulay added.

Further to discussions with the impacted provinces, additional designations are being added to the list and will be released as soon as possible.

Source : Meatbusiness

Video: 2026 T.K. Cheung Lecture in Animal Science - Dan Weary

T.K. Cheung Lecture in Animal Science: "Using science to assess and improve the welfare of dairy cattle"

Dan Weary is a Professor at the University of British Columbia. Dan did his BSc and MSc at McGill and Doctorate at Oxford before co-founding UBC’s Animal Welfare Program where he now co-directs this active research group. His research focuses on understanding the perspectives of animals and applying these insights to develop methods of assessing animal welfare and improving the lives of animals. His work has helped drive changes in practices (including the adoption of higher milk rations for calves and pain management for disbudding) and housing methods (including the adoption of social housing for pre-weaned calves). He also studies cow comfort and lameness, social interactions among cows, and interactions between cows, human handlers and technologies like automated millking systems that are increasingly used on farms. His presentation will outline key questions in cattle welfare, highlight recent UBC research addressing them, and showcase innovative methods for improving the lives of cattle and their caretakers.