The federal Department of Agriculture will allow livestock producers in two Western Ontario counties to defer taxes on livestock sales through the Livestock Tax Deferral Program.
The program lets beef producers who’ve had to downsize their herd because of drought and feed shortage defer paying taxes on animals they sold. The idea is to make it easier for those producers to restock next year. A producer who sold between 15 and 30 per cent of his herd can put off paying tax on 30 per cent of what he earned from the sales. A producer who sold 30 per cent or more of his herd can defer paying taxes on 90 per cent of what he earned from selling the herd.
Bruce County and Grey County are the only two Western Ontario counties eligible for the deferral. These municipalities can access the program:
Municipalities eligible in Bruce County are: Arran-Elderslie, Brockton, Kincardine, Northern Bruce Peninsula, Saugeen Shores and South Bruce Peninsula.
Municipalities eligible in Grey County are: Chatsworth, Georgian Bluffs, Grey Highlands, Meaford, The Blue Mountains and West Grey.