Ranchers to receive tax breaks
Posted Feb 5, 2016 3:38 pm.
This article is more than 5 years old.
Ranchers are getting a tax break, due to the drought-like weather this past season.
Ross Lloyd, the director of General of Business Risk Management Program Development with Agriculture and Agri-Food Canada (AAFC), told 660 NEWS, producers will be able to get back some of their losses.
“[They can] defer the tax on that to the next year, and if they repurchase in the next year, there’s obviously the offset from that purchase, will offset the defererd income, and therefore reduce the tax burden of the original sale,” he said.
Lloyd added, farmers can apply for a tax deferral when filing their 2015 tax returns.
Sixty per cent of the prairies had below normal numbers of rainfall between April 1, 2015 and July 21, 2015, affecting more than 27,000 farmers.
