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The federal government has released the final list of areas where livestock producers will receive tax relief for 2019. These designated regions are eligible for tax deferral as a result of extreme weather conditions.

The livestock tax deferral provision allows livestock producers in prescribed drought, flood or excess moisture regions to defer a portion of their 2019 sale proceeds of breeding livestock until 2020 to help replenish the herd. The cost of replacing the animals in 2020 will offset the deferred income, thereby reducing the tax burden associated with the original sale.

For more information read the media release from Agriculture and Agri-Food Canada and see how the Livestock Tax Deferral Provision works.

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