More Western Livestock Producers Eligible for Tax Relief
New Regions Designated for Livestock Tax Deferrals in 2014
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwired) -- 05/28/15 -- Agriculture and Agri-Food Canada
The Government of Canada has announced a final list of designated regions where tax deferrals have been authorized for 2014 due to the impact of drought or excessive moisture conditions on forage production.
The tax deferral allows eligible producers in designated regions to defer income tax on the sale of their breeding livestock for one year in order to help replenish that stock in the following year. Proceeds from deferred sales are then included as part of the producer''s income in the next tax year, when those proceeds may be at least partially offset by the cost of replacing their breeding animals.
Eligible producers can request the tax deferral when filing their 2014 income tax returns, or if they have already filed, submit an adjustment request directly to the Canada Revenue Agency.
Quick facts
Related Products
- News Release - , December 29, 2014
- - List of Designated Areas Eligible for 2014
Additional links
- (Agriculture and Agri-Food Canada)
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Datum: 28.05.2015 - 09:53 Uhr
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News-ID 1362065
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