Northeast Sask. livestock producers receive tax deferrals due to heavy rains

Livestock producers in north-eastern Saskatchewan who are struggling after a summer full of rainfall are receiving tax deferrals from the federal government to help them out.

Eligible producers from areas including Preeceville, Humboldt and Nipawin can defer income tax on the sale of breeding livestock for one year.

Thirty per cent of income from net sales can be deferred if the herd was reduced by at least 15 per cent. If 30 per cent of the herd was reduced, then 90 per cent of income from net sales could be deferred.

“These tax deferrals will help them by increasing the money available to replenish their breeding stock for the following year,” federal Agriculture Minister Gerry Ritz said in a release.

The deferral can be requested when filing 2010 income tax returns.