Prospecting for gold may well be tough, but we’re quite sure prospecting for financing for the film, TV or digital animation projects is tougher. So why not have that ‘ striking gold ‘ feeling via Ontario and BC film production incentives and film tax credits.
The film industry in Hollywood North (aka Canada) is alive and very well thank you, and also the generosity and relative straightforwardness of Canadas film tax credit system has sure helped in that regard.
There continues to be almost not just a day whenever we don’t hear or learn about various film tax credit debacles in the U.S. – (The last title we say a few days ago read as follows ” Officials prepare for a battle over if you should scarp 40M per year tax breaks for movie and television…’ ). That story originated from Connecticut, and we’re not pointing fingers at any particular state, its exactly that Canadian film tax credits for Ontario and BC Film production incentives seems to be a lot more easier and straightforward.. I suppose we’re biased a bit!
Canadian film tax credits and the financing of the kjammedia have been in place for several years now. Each province features a film tax credit (you will find 10 provinces in Canada) as well as the credit is along with CRA, the Canadian same in principle as the internal revenue service in america.
As we have noted before Canada maintains that the money, jobs, and resultant tax revenue from your industry more than offset funds granted via tax credit certificates for your three elements of the industry – film, TV, and digital animation. (Actually there are some other credits for music and publishing).
Producers and project owners both in U.S. and Canada that elect to domicile there projects in Canada (i.e. film them here, post produce them here, etc) have been in the enviable position of receiving funding for their projects from anywhere, in general.. from 30- 45% with their total budget. Yes, its still your decision as producer to arrange another 55-70% but don’t say you haven’t an excellent start whenever you receive non repayable funds inside the amounts we have highlighted.
The 2nd biggest mistake filmmakers make is simply signing up to the “big festivals.” It is certainly correct that the large festival can and do launch careers, but you know what? Those same big festivals receive thousands of entries. Some of the better known, like Sundance, often receive 6,000 or more a year for less than 200 slots. Take a close look and you will notice that most of these festivals are in reality screening big-budget Hollywood films complete with stars. This reduces the amount of slots ready to accept the tiny independent filmmaker a lot more. Unfair, well sure it is, but it’s even the way of the market and exactly how around the world. Go on and pertain to some of the big festivals, but remember that the majority of your festival submission dollars should visit the smaller festivals that have less competition. Four or five awards from smaller festivals may not get you signed to a three-movie deal, but it may help enable you to get in to the big festival you had been initially concentrating on in the first place. Be sure and let those big festivals understand that you screened at the smaller festivals. It swsfxj definitely help.
Again, it’s about networking and simply as the festival is small doesn’t imply that there isn’t anyone there that might take a desire for your work. Keep an open mind about smaller festivals, be respectful to all those involved and you will be surprised so what can happen.
So you’ve ‘struck gold ‘ with your tax credit certification? Is the fact that all there is? Certainly not, as most producers and project owners choose to finance those credits for valuable cash flow and working capital.
By working with a reliable, credible and experienced Canadian business financing advisor you can get solid assistance in qualifying your claim, determining eligibility, having your credits certified, and, finally, last however, not lease, financing these valuable credits for money flow and working capital for your current or next project. In the event that isn’t ‘ striking gold… we don’t really know what is!