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Gregory, Harriman & Associates LLP Blog

 

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 2023 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 2023 visit the Government of Canada’s Livestock Tax Deferral webpage.

If you have questions about the 2023 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 1-403-934-3176.

 
Disclaimer
The information in this publication is current as of August 23, 2023.
This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact Gregory, Harriman & Associates LLP to discuss these matters in the context of your particular circumstances. Gregory, Harriman & Associates LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.