County farmers able to apply for livestock tax deferral in 2019
(Erica Fisher MyGrandePrairieNow.com staff)
Livestock farmers in the County of Grande Prairie affected by drought or flooding are eligible for a livestock tax deferral this year. The county is one of the regions on the list released by the federal government for 2019.
“This allows producers in designated regions to defer the income from the forced sale of breeding livestock to the following tax year, where the income can be at least partially offset by repurchasing breeding animals, thereby reducing the potential tax burden,” says spokesperson Cameron Newbigging.
The county saw record amounts of rainfall in 2018 including 19.4 millimetres which fell on July 22nd and 27.4 millimetres that fell on August 12th. A number of places in the county also dealt with flooding after a rapid spring thaw caused both Bear Creek and the Beaverlodge River to flood in April. County CAO Bill Rogan said previously that repairs to county infrastructure after that storm were estimated at $3.5 million.
In order for farmers to qualify, at least 15 per cent of the breeding herd would have had to have been sold. If it’s more than 15 per cent but less than 30 per cent, 30 per cent of the proceeds can be deferred. If more than 30 per cent has been sold, 90 per cent of the proceeds can be deferred.