Saddle Hills County Included in Livestock Tax Deferral

Due to the ongoing drought experienced in the area, Saddle Hills County has been added as a designated region for the Livestock Tax Deferral Provision.

Farmers operating in designated regions affected by drought, flooding or excess moisture may qualify for the Livestock Tax Deferral Provision. This allows them to defer reporting some of the income earned from selling breeding livestock until the next tax year.

When a region is officially designated for the year, farmers in that area can defer income from the sale of breeding animals. This deferral is helpful because the deferred income might be offset in the following year by the cost of replacing the livestock. To qualify, a producer must have reduced their breeding herd by at least 15% due to these extreme conditions.

If the adverse conditions continue for multiple years, the farmer can continue deferring the income until the first year the region is no longer designated.

For more information on the Livestock Tax Deferral Provision, visit the Government of Canada website here.