Federal tax deferrals to B.C. ranchers

Canada’s decision to grant tax deferrals to B.C livestock producers in regions affected by drought

B.C. Agriculture Minister Norm Letnick

B.C. Agriculture Minister Norm Letnick

B.C. Agriculture Minister Norm Letnick issued the following statement july 23, 2015,, about the Government of Canada’s decision to grant tax deferrals to B.C livestock producers in regions affected by drought.

“I’d like to thank Federal Agriculture Minister Gerry Ritz for extending the opportunity of tax deferral to B.C. ranchers. The ability to defer a portion of their income to the following year, offers the ability for ranchers to replenish their stock and prepare a sustainable business plan for the impacts of this year’s drought. The unprecedented hot and dry weather brings the immediate challenges of heat and water, and the longer term impacts of more expensive, and harder to find cattle feed, and the announcement made today, is one tool to help ranchers better prepare for it.

“In addition, the B.C. government will continue our partnership with the Government of Canada in providing a range of risk management programs that compensate ranchers for weather related losses and declines in income. Farming and ranching is hard work, with risks and perils, and the B.C. government is doing our best to ensure B.C. farmers have access to programs and products to help mitigate that risk.

Learn more: Government of Canada news release: http://news.gc.ca/web/article-en.do?nid=1005549 Business Risk Management Programs available in B.C.: http://www2.gov.bc.ca/gov/content/industry/agriculture-seafood/agriculture-business-and-economy/insurance-and-income-protection