The Livestock Tax Deferral Provision allows for a portion of sales proceeds to be deferred to the following year, where producers in prescribed regions sell breeding stock due to drought.
The prescribed regions for 2022 were announced this week and include Wheatland County and most of Southern Alberta.
Where a breeding herd is reduced by more than 30%, 90% of income from net sales can be deferred. If the breeding herd is reduced by 15%-30%, 30% of net sales can be deferred.
For additional details on how the program works and a full list of the Prescribed Drought Regions for 2022 visit the Government of Canada’s Livestock Tax Deferral webpage.
If you have questions about the 2022 drought assistance measures for livestock producers, contact contact Gregory, Harriman & Associates LLP by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at 403-934-3176.