Prospecting for gold may well be tough, but we’re quite sure prospecting for financing for your film, TV or digital animation projects is tougher. 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 thanks a lot, and the generosity and relative straightforwardness of Canadas film tax credit system has sure helped in this regard.
There continues to be almost not just a day when we don’t hear or find out about various film tax credit debacles inside the U.S. – (The very last title we say yesterday read the following ” Officials plan for a battle over whether or not to scarp 40M annually 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 exactly that Canadian film tax credits for Ontario and BC Film production incentives seems to be a lot more easier and simple.. I assume we’re biased somewhat!
Canadian film tax credits as well as the financing of these Kia Jam happen to be in position for quite some time now. Each province features a film tax credit (you can find 10 provinces in Canada) and also the credit is in conjunction with CRA, the Canadian same as the IRS in the usa.
While we have noted before Canada maintains that this money, jobs, and resultant tax revenue from your industry a lot more than offset funds granted via tax credit certificates for your three areas of the industry – film, TV, and digital animation. (Actually there are some 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) will be in the enviable position of receiving funding for his or her projects from anywhere, generally speaking.. from 30- 45% of the total budget. Yes, its still your decision as producer to arrange the other 55-70% but don’t say you haven’t a good start when you receive non repayable funds inside the amounts that people have highlighted.
The second biggest mistake filmmakers make is only signing up to the “big festivals.” It is definitely true that the large festival can and do launch careers, but do you know what? Those same big festivals receive thousands of entries. A number of the better known, including Sundance, often receive 6,000 or even more per year for under 200 slots. Take a close look and you will find that most of these festivals are in reality screening big-budget Hollywood films including stars. This reduces the amount of slots open to the little independent filmmaker even more. Unfair, well sure it is actually, but it’s even the method of the industry and how around the world. Proceed to affect a few of the big festivals, but remember that the bulk 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 enable you to get signed to some three-movie deal, however it might help allow you to get into the big festival that you were initially concentrating on to start with. Be certain and let those big festivals understand that you screened on the smaller festivals. It swsfxj definitely help.
Again, it’s all about networking and simply as the festival is small doesn’t mean that there isn’t anyone there that may take a desire for your job. Keep an open mind about smaller festivals, be respectful for all those involved and you will be surprised so what can happen.
So you’ve ‘struck gold ‘ together with your tax credit certification? Is the fact that all there is certainly? Certainly not, as most producers and project owners choose to finance those credits for valuable cashflow and working capital.
By working with a dependable, credible and experienced Canadian business financing advisor you can get solid assistance in qualifying your claim, determining eligibility, getting the credits certified, and, finally, last but not lease, financing these valuable credits for cash flow and working capital for the current or next project. If that isn’t ‘ striking gold… we don’t know what is!