Prospecting for gold is most likely tough, but we’re quite sure prospecting for financing for your film, TV or digital animation projects is tougher. So just 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 incredibly well thank you, and also the generosity and relative straightforwardness of Canadas film tax credit system has sure helped in that regard.
There remains almost not just a day when we don’t hear or read about various film tax credit debacles inside the U.S. – (The final title we say the other day read the following ” Officials plan for a battle over whether to scarp 40M per year tax breaks for movie and television…’ ). That story originated away from Connecticut, and we’re not pointing fingers at any particular state, its just that Canadian film tax credits for Ontario and BC Film production incentives appears to be much more easier and straightforward.. I guess we’re biased somewhat!
Canadian film tax credits and the financing of these Kia Jam happen to be in position for several years now. Each province features a film tax credit (you will find 10 provinces in Canada) and the credit is along with CRA, which is the Canadian same as the internal revenue service in the United States.
While 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 your three elements of the business – film, TV, and digital animation. (Actually there are several other credits for music and publishing).
Producers and project owners within both U.S. and Canada that choose to domicile there projects in Canada (i.e. film them here, post produce them here, etc) are in the enviable position of receiving funding for projects from anywhere, in general.. from 30- 45% of the total budget. Yes, its still up to you as producer to arrange another 55-70% but don’t say you haven’t a good beginning when you receive non repayable funds within the amounts we have highlighted.
The 2nd biggest mistake filmmakers make is only signing up to the “big festivals.” It is certainly correct that the big festival can and do launch careers, but do you know what? Those same big festivals receive a large number of entries. A number of the more well known, including Sundance, often receive 6,000 or more per year cheaper than 200 slots. Look closely and you will see that most of these festivals are actually screening big-budget Hollywood films including stars. This reduces the quantity of slots open to the tiny independent filmmaker much more. Unfair, well sure it is, but it’s also the means of the market and exactly how around the world. Go ahead and pertain to some of the big festivals, but remember that the majority of your festival submission dollars should proceed to the smaller festivals which have less competition. Four or five awards from smaller festivals may well not allow you to get signed to some three-movie deal, however it may help allow you to get to the big festival that you were initially shooting for in the first place. Make sure and let those big festivals realize that you screened at the smaller festivals. It swsfxj definitely help.
Again, it’s about networking and just because the festival is small doesn’t imply that there isn’t anyone there which may take an interest in your job. Keep a wide open mind about smaller festivals, be respectful to all those involved and you might be amazed what can happen.
So you’ve ‘struck gold ‘ along with your tax credit certification? Is the fact all there is? Not at all, as many producers and project owners elect to finance those credits for valuable cashflow 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, getting your credits certified, and, finally, last although not lease, financing these valuable credits for cash flow and working capital to your current or next project. In the event that isn’t ‘ striking gold… we don’t know what is!