Prospecting for gold is most likely tough, but we’re quite sure prospecting for financing for the 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 incredibly well thanks a lot, and also the generosity and relative straightforwardness of Canadas film tax credit system has sure helped in this regard.
There remains almost not just a day whenever we don’t hear or learn about various film tax credit debacles within the U.S. – (The last title we say yesterday read as follows ” Officials get ready for a battle over if you should 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 is apparently much more easier and straightforward.. I suppose we’re biased somewhat!
Canadian film tax credits as well as the financing of those gettyimages.com have been in place for quite some time now. Each province features a film tax credit (you will find 10 provinces in Canada) as well as the credit is in conjunction with CRA, which is the Canadian same in principle as the internal revenue service in the United States.
While we have noted before Canada maintains that the money, jobs, and resultant tax revenue through the industry a lot more than offset funds granted via tax credit certificates for that three parts of the industry – film, TV, and digital animation. (Actually there are a few other credits for music and publishing).
Producers and project owners within both U.S. and Canada that elect to domicile there projects in Canada (i.e. film them here, post produce them here, etc) have been in the enviable position of receiving funding for projects from anywhere, in general.. from 30- 45% with their total budget. Yes, its still your decision as producer to arrange the other 55-70% but don’t say you haven’t an excellent start when you receive non repayable funds inside the amounts we have highlighted.
The next biggest mistake filmmakers make is simply applying to the “big festivals.” It is correct that the big festival can and do launch careers, but guess what? Those same big festivals receive a large number of entries. Some of the also known, such as Sundance, often receive 6,000 or even more a year cheaper than 200 slots. Look closely and you will notice that most of these festivals are in fact screening big-budget Hollywood films including stars. This reduces the quantity of slots open to the small independent filmmaker much more. Unfair, well sure it is, but it’s even the way of the market and how of the world. Go ahead and affect several of the big festivals, but remember that the bulk of your festival submission dollars should proceed to the smaller festivals who have less competition. Four or five awards from smaller festivals may not enable you to get signed to some three-movie deal, but it might help allow you to get in to the big festival that you were initially shooting for to start with. 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 mean that there isn’t anyone there which may take a desire for your projects. Keep a wide open mind about smaller festivals, be respectful for all those involved and you will be blown away what can happen.
So you’ve ‘struck gold ‘ with your tax credit certification? Is the fact all there is? Definitely not, since many producers and project owners elect to finance those credits for valuable cash flow and working capital.
By working with a reliable, credible and experienced Canadian business financing advisor you may get solid assistance in qualifying your claim, determining eligibility, getting your credits certified, and, finally, last but not lease, financing these valuable credits for money 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!