Prospecting for gold is probably tough, but we’re quite sure prospecting for financing for the film, TV or digital animation projects is tougher. 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 extremely well thanks a lot, 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 learn about various film tax credit debacles in the U.S. – (The final 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 out of 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 far more easier and straightforward.. I assume we’re biased a bit!
Canadian film tax credits and the financing of those gettyimages.com have been in position for quite some time now. Each province features a film tax credit (you can find 10 provinces in Canada) and the credit is in conjunction with CRA, which is the Canadian equivalent of the internal revenue service in the United States.
As 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 the three parts of the market – 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) will be in the enviable position of receiving funding for projects from anywhere, generally.. from 30- 45% with their total budget. Yes, its still your choice as producer to arrange one other 55-70% but don’t say you haven’t an excellent start when you receive non repayable funds in the amounts we have highlighted.
The second biggest mistake filmmakers make is simply applying to the “big festivals.” It is definitely factual that the major 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 also known, including Sundance, often receive 6,000 or maybe more a year for less than 200 slots. Take a close look and you will see that many of these festivals are actually screening big-budget Hollywood films including stars. This reduces the quantity of slots open to the little independent filmmaker a lot more. Unfair, well sure it really is, but it’s even the method of the market and exactly how around the globe. Proceed to apply to several of the big festivals, but bear in mind that the bulk of your festival submission dollars should go to the smaller festivals which have less competition. Four or five awards from smaller festivals may not get you signed to a three-movie deal, but it might help get you into the big festival that you were initially aiming for to begin with. Be sure and let those big festivals know that you screened in the smaller festivals. It swsfxj definitely help.
Again, it’s information on networking and just as the festival is small doesn’t suggest that there isn’t anyone there which may take an interest in your job. Keep an open mind about smaller festivals, be respectful for all those involved and you might be surprised so what can happen.
So you’ve ‘struck gold ‘ with your tax credit certification? Is the fact all there exists? Certainly not, as most producers and project owners choose to finance those credits for valuable income and working capital.
By working with a trusted, credible and experienced Canadian business financing advisor you will get solid assistance in qualifying your claim, determining eligibility, getting the credits certified, and, finally, last however, 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 really know what is!