Striking Gold With Film Tax Credits – Finance Ontario and BC Film Production Incentives
Finance Your Canadian Film or Video Production Tax Credit
You Are Looking For Financing for your Film, Television and Digital Animation Tax Credits
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Prospecting for gold is probably tough, but we're quite sure that prospecting for financing for your film, TV or digital animation projects is tougher. So why not get 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 the generosity and relative straightforwardness of Canada's film tax credit system has sure helped in that regard.
There continues to be almost not a day when we don’t hear or read about various film tax credit debacles in the U.S. - (The last title we saw the other day read as follows: "Officials prepare for a battle over whether to scrap $40M a year tax breaks for movie and tv ..."). That story originated out of Connecticut, and we're not pointing fingers at any particular state, it's just that Canadian film tax credits for Ontario and BC Film production incentives seem to be a lot easier and straightforward ... I guess we're biased a bit!
Canadian film tax credits and the financing of those tax credits have been in place for many years now. Each province has a film tax credit (there are 10 provinces in Canada) and the credit is in conjunction with CRA, which is the Canadian equivalent of the IRS in the United States.
As we have noted before Canada maintains that the money, jobs, and resultant tax revenue from the industry more than offset funds granted via tax credit certificates for the three parts of the industry - film, TV, and digital animation. (Actually, there are some other credits for music and publishing).
Producers and project owners in both U.S. and Canada that choose to domicile their projects in Canada (i.e. film them here, post-produce them here, etc.) are in the enviable position of receiving funding for their projects from anywhere, in general ... from 30 - 45% of their total budget. Yes, it's still up to you as a producer to arrange the other 55-70% but don’t say you haven’t a good start when you receive non-repayable funds in the amounts that we have highlighted.
So you've 'struck gold' with your tax credit certification? Is that all there is? Definitely not, as most producers and project owners choose to finance those credits for valuable cash flow and working capital.
By working with a trusted, credible and experienced Canadian business financing advisor you can get solid assistance in qualifying your claim, determining eligibility, getting your credits certified, and, finally, last but not least, financing these valuable credits for cash flow and working capital for your current or next project. If that isn’t 'striking gold'... We don't know what is!
finance film tax credits ontario bc film production
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STAN PROKOP
7 Park Avenue Financial/Copyright/2024
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Stan Prokop is the founder of 7 Park Avenue Financial and a recognized expert on Canadian Business Financing. Since 2004 Stan has helped hundreds of small, medium and large organizations achieve the financing they need to survive and grow. He has decades of credit and lending experience working for firms such as Hewlett Packard / Cable & Wireless / Ashland Oil
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