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TAX DEFERRAL TO BENEFIT FARMERS IN SOUTHERN SASKATCHEWAN
OTTAWA, Ontario, March 7, 2008 – Owners of breeding livestock in certain areas of southern Saskatchewan who were forced to sell all or part of their herd in 2007 due to drought conditions will be eligible for a one-year tax deferral on 2007 income from these sales.
"This government understands the ongoing impact drought has on farmers, which is why Saskatchewan farmers struggling with drought will continue to receive support from the Government of Canada through our tax deferral program," said the Honourable Gerry Ritz, Minister of Agriculture and Agri-Food and Minister for the Canadian Wheat Board. "Tax provisions offered by this program will allow farmers to restock their herds in the spring."
The deferral was made after reviewing forage yield, precipitation, soil moisture and water supply data for the 2007 growing season. In the case of consecutive years of drought designation, producers may defer sales income to the first year in which the area is no longer designated.
Thirty per cent of income from net sales can be deferred if the breeding herd has been reduced by at least 15 per cent, but less than 30 per cent. Where the herd has been reduced by 30 per cent or more, 90 per cent of income from net sales can be deferred. This will help replenish breeding stock in the coming year.
Eligible producers will be able to request this deferral when filing their 2007 income tax returns. Livestock producers are advised to contact their local Canada Revenue Agency Tax Services Office for details on the income tax provisions.
Please see attached list of designated areas for 2007.
For more information, media may contact:
Media Relations
Agriculture and Agri-Food Canada
Ottawa, Ontario
613-759-7972
1-866-345-7972
Margaux Stastny
Press Secretary
The Office of the Honourable Gerry Ritz
613-759-1059
2007 DESIGNATIONS
SASKATCHEWAN
RM 10 Happy Valley
RM 11 Hart Butte
RM 12 Poplar Valley
RM 17 Val Marie
RM 18 Lone Tree
RM 19 Frontier
RM 40 Bengough
RM 42 Willow Bunch
RM 43 Old Post
RM 44 Waverley
RM 45 Mankota
RM 46 Glen McPherson
RM 49 White Valley
RM 51 Reno
RM 71 Excel
RM 72 Lake of the Rivers
RM 73 Stonehenge
RM 74 Wood River
RM 75 Pinto Creek
RM 76 Auvergne
RM 77 Wise Creek
RM 78 Grassy Creek
RM 79 Arlington
RM 105 Glen Bain
RM 106 Whiska Creek
RM 107 Lac Pelletier
RM 108 Bone Creek
RM 109 Carmichael
RM 110 Piapot
RM 111 Maple Creek
RM 135 Lawtonia
RM 136 Coulee
RM 137 Swift Current
RM 138 Webb
RM 139 Gull Lake
RM 141 Big Stick
RM 165 Morse
RM 166 Excelsior
RM 167 Saskatchewan Landing
RM 168 Riverside
RM 169 Pittville
RM 229 Miry Creek
To obtain a news release that is more than five years old, contact mediar@agr.gc.ca.