The Federal Government has released the final list of areas qualifying for the 2018 livestock tax deferral.

Eight more Alberta regions have been added to the list because of drought conditions.

Low moisture levels have affected many areas across Canada, leading some producers reduce their breeding herd in order to manage feed supplies.

The tax deferral allows producers to defer a portion of their 2018 sale proceeds of breeding stock until 2019 to help build their herds again.

Agriculture and Agri-Food Canada says the cost of replacing the animals in 2019 will offset the deferred income, therefore reducing the tax burden associated with the original sale.

"Extreme weather conditions created difficulties for Canada's livestock industry in several provinces this past year," says Federal Agriculture Minister, Lawrence MacAulay. "This tax deferral will help farmers manage the impacts of drought and focus on rebuilding their herds and businesses."

Foothills County and Vulcan County are still eligible regions.

Livestock producers in these regions can request the deferral when filing their 2018 income tax returns.

 

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Follow on Twitter @GoldenWestABAg @JessicaR_Giles

 

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