It’s the news Livestock Producers struggling to find extra feed supplies were hoping to hear.

The Federal Government has announced a 2018 Livestock Tax Deferral for producers impacted by drought, flooding or excess moisture.

The program covers producers in designated areas of Saskatchewan, Manitoba, British Columbia, Alberta, and Quebec.

Under the program, producers in those specific regions can defer a portion of their 2018 sale proceeds of breeding livestock until 2019 in order to help replenish the herd.

Federal Agriculture Minister, Lawrence MacAulay made the announcement on Friday.

"This year's growing conditions across several provinces have brought many challenges to Canadian livestock producers.  The Government has prioritized the approval of the Livestock Tax deferral to give farmers more certainty about their financial situation and help them keep their businesses strong while growing the economy and strengthening the middle class."  

Producers in the designated tax deferral regions can request the tax deferral when filing their 2018 income tax returns.