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 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 extremely well thanks, and the generosity and relative straightforwardness of Canadas film tax credit system has sure helped because regard.
There is still almost not just a day once we don’t hear or find out about various film tax credit debacles inside the U.S. – (The last title we say the other day read as follows ” Officials prepare for a battle over whether or not to scarp 40M per year regulations and tax breaks for movie and tv…’ ). That story originated away from Connecticut, and we’re not pointing fingers at any particular state, its that Canadian film tax credits for Ontario and BC Film production incentives is apparently far more easier and straightforward.. I suppose we’re biased a bit!
Canadian film tax credits and the financing of these gettyimages.com have already been set up for several years now. Each province features a film tax credit (you will find 10 provinces in Canada) and the credit is together with CRA, the Canadian same in principle as the internal revenue service in the United States.
While we have noted before Canada maintains the money, jobs, and resultant tax revenue from the industry a lot more than offset funds granted via tax credit certificates for your three parts of the business – 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 decide to domicile there projects in Canada (i.e. film them here, post produce them here, etc) will be in the enviable position of receiving funding for projects from anywhere, generally.. from 30- 45% of their total budget. Yes, its still your choice as producer to arrange one other 55-70% but don’t say you haven’t a good beginning once you receive non repayable funds inside the amounts that we have highlighted.
The second biggest mistake filmmakers make is simply signing up to the “big festivals.” It is true that the major festival can and do launch careers, but you know what? Those same big festivals receive a large number of entries. A few of the better known, such as Sundance, often receive 6,000 or more annually for less than 200 slots. Take a close look and you will see that a number of these festivals are in fact screening big-budget Hollywood films complete with stars. This reduces the amount of slots open to the small independent filmmaker much more. Unfair, well sure it really is, but it’s even the way of the market and exactly how around the world. Go on and pertain to a few 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 might not allow you to get signed to some three-movie deal, nevertheless it can help enable you to get into the big festival you were initially concentrating on to start with. Be sure and let those big festivals realize that you screened at the smaller festivals. It swsfxj definitely help.
Again, it’s about networking and merely because the festival is small doesn’t suggest that there isn’t anyone there that may take a desire for your job. Keep a wide open mind about smaller festivals, be respectful to all those involved and you might be amazed exactly what can happen.
So you’ve ‘struck gold ‘ along with your tax credit certification? Is the fact that all there is certainly? Not at all, since many producers and project owners decide to finance those credits for valuable income and working capital.
With a dependable, credible and experienced Canadian business financing advisor you will get solid assistance in qualifying your claim, determining eligibility, getting your credits certified, and, finally, last however, not lease, financing these valuable credits for money flow and working capital for the current or next project. In the event that isn’t ‘ striking gold… we don’t understand what is!