Livestock Tax Deferral Provision
Canada
Tax deferral for livestock producers in some Atlantic regions
grant_single|update January 24, 2025
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Tax Credits
grant_single|eligibleIndustries
- Agriculture, forestry, fishing and hunting
grant_single|grantors
- Agriculture and Agri-Food Canada (AAFC)
- Government of Canada
grant_single|status
grant_card_status|open
grant_single_labels|preview
If you sold at least 15% of your breeding herd due to drought or flooding in Gaspésie, New Brunswick, Prince Edward Island or Northwestern Nova Scotia, you can defer up to 90% of the sale proceeds to the following year.
grant_single_labels|projects
grant_single|admissibleProjectsExample
$ 49,500
Expanding a sustainable agricultural practice initiative
$ 54,000
Renovating and upgrading an animal shelter facility
$ 135,000
Launching a tech startup for renewable energy solutions
$ 108,000
Developing an eco-friendly packaging line for a food company
$ 207,000
Establishing a community-focused seafood distribution network
$ 16,200
Organizing a community health and wellness fair
grant_single_labels|admissibility
Eligibility for the Livestock Tax Deferral provision is determined by specific criteria related to the area's condition and herd reduction.
- Farmers must carry on a farming business in a prescribed area affected by drought, excess moisture, or flooding.
- The breeding herd must have been reduced by at least 15%.
- Regions are prescribed based on forage yields being less than 50% of the long-term average due to drought or flooding.
- Regions adjacent to qualifying areas are also eligible if they experience similar adverse conditions.
grant_eligibility_criteria|who_can_apply
The Livestock Tax Deferral provision is available to farmers operating within prescribed regions who have sold part of their breeding herd due to adverse weather conditions. Specifically, it targets those in identified drought or flood zones who have had to reduce their breeding herd by at least 15%.
grant_eligibility_criteria|who_cannot_apply
This provision primarily targets farmers within specific prescribed regions affected by drought or flooding. There are no explicit mentions of other industries or businesses being eligible or restricted.
grant_eligibility_criteria|zone
This provision benefits farmers operating in specified regions identified due to adverse weather conditions. Eligibility is determined by drought and flood region designations.
- Designated drought and flood regions as prescribed by the Canadian government.
- Regions adjacent to the prescribed drought and flood regions beginning in 2024.
grant_single_labels|criteria
In order to qualify for the Livestock Tax Deferral provision in Canada, farmers must meet specific evaluation and selection criteria. The criteria include the percentage reduction of the breeding herd and the designation of prescribed drought or flood regions by the Minister of Agriculture and Agri-Food Canada.
- Breeding herd must be reduced by at least 15% to qualify for income deferral.
- Different levels of income deferral are available based on the percentage of reduction in the breeding herd.
- Prescribed Drought and Flood Regions are designated when forage yields are less than 50% of the long-term average due to drought or flooding.
- Regions must have recognized geo-political boundaries and significant industry impact to be designated.
- Assessments of prescribed regions are made based on spring moisture, summer rainfall, and forage yield estimates.
grant_single_labels|apply
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grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- Regions adjacent to qualifying areas are also included to ensure broader coverage for farms affected by adverse weather conditions.
- Updates to prescribed regions are monitored and communicated throughout the growing season to keep farmers informed.
- The process for identifying prescribed regions has been streamlined to allow earlier identification and assistance for farmers.
- The Canadian Drought Monitor plays a crucial role in gathering data used to identify prescribed regions.
grant_single_labels|contact
aafc.taxdeferral-reportdelimpot.aac@agr.gc.ca
Apply to this program
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