From time to time, Wheatland features events for their clients as well as the community.
Livestock Deferral Program
This year was a tough year on hay and pasture in Saskatchewan, particularly in the west part of the province. Revenue Canada has a program allowing the sale of breeding animals to be deferred from income in the current year to the following year in certain municipalities declared drought areas.
The purpose of the program is to allow producers that are forced to sell their breeding herd due to lack of feed an opportunity to defer taking the sale totally into taxable income to the first year that their RM is not declared a drought area. This allows the majority of the taxable income from the sale of the breeding stock to be declared in the year that they reinvest in replacement stock. A producer can participate in the program however even if they do not replace their herd at a later date.
Thirty percent of income from net sales of breeding stock can be deferred to the following year if the breeding herd has been reduced by at least 15 percent, but less then 30 percent. Where the herd has been reduced by 30 percent or more, 90 percent of income from net sales can be deferred to 2016. The south east of the province in general has not been selected as a drought area, however the RM of Francis and the RM of South Qu'Appelle are among those selected. If this might apply to you go to http://www.agr.gc.ca/eng/?id=1437654073935 to see if your RM has been included.