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By The Canadian Press

Agriculture

Peace ranchers granted federal tax deferrals

Jul 22, 2019 | 3:00 PM

The federal government has released a list of regions where livestock tax deferral has been authorized due to extreme weather conditions this year.

Officials say producers are encountering significant shortages of livestock feed and the deferral allows them to defer a portion of this year’s sale proceeds of breeding livestock until next year to help replenish their herds.

The cost of replacing the animals in 2020 will offset the deferred income and reduce the tax burden associated with the original sale.

Producers who qualify are experiencing forage shortfalls of 50 per cent or more due to drought or excess moisture.

The County of Grande Prairie, Saddle Hills, Birch Hills, Clear Hills, Northern Lights, Northern Sunrise, and Mackenzie Counties, the MD’s of Spirit River, Fairview, Peace, and Smoky River, along with the BC Peace, are all included.

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– with files from Curtis Galbraith