Drought Relief Support and Tax Deferral Available for Rocky View County Livestock Producers
Tuesday, October 24, 2023
It has been a tough growing season with challenges due to dry conditions causing many of our farmers and ranchers to face extraordinary costs. To help livestock producers through this difficult time, the governments of Alberta and Canada are partnering on a 2023 Canada-Alberta Drought Livestock Assistance response. Funding for this joint AgriRecovery initiative is cost-shared through the Sustainable Canadian Agricultural Partnership (Sustainable CAP), with the federal government providing $99 million and Alberta’s government providing $66 million. Agriculture Financial Services Corporation (AFSC) will administer the program.
Livestock producers with grazing animals will be able to apply for financial support to cover losses they incurred to manage and maintain their breeding herds. For example, eligible producers could access up to $150 per head for breeding animals. Program details are still being finalized with the Government of Canada, and more information will be available soon.
As well, the Government of Canada has a Livestock Tax Deferral Provision which allows producers who sell part of their breeding herd due to drought or flooding the ability to defer a portion of sale proceeds to the following year.
Official Drought Relief News Release
Federal Livestock Tax Deferral Provision