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 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 thank you, and also the generosity and relative straightforwardness of Canadas film tax credit system has sure helped because regard.
There continues to be almost not really a day when we don’t hear or learn about various film tax credit debacles within the U.S. – (The very last title we say yesterday read as follows ” Officials prepare for a battle over if you should scarp 40M annually tax breaks for movie and tv…’ ). That story originated 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 seems to be a lot more easier and straightforward.. I assume we’re biased a little!
Canadian film tax credits as well as the financing of those kjammedia happen to be set up for many years now. Each province includes 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 equivalent of the IRS in the usa.
While we have noted before Canada maintains that this money, jobs, and resultant tax revenue from your industry more than offset funds granted via tax credit certificates for your three elements of the market – 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 his or her projects from anywhere, generally speaking.. from 30- 45% with their total budget. Yes, its still your choice as producer to arrange the other 55-70% but don’t say you haven’t a good beginning when you receive non repayable funds within the amounts that people have highlighted.
The 2nd biggest mistake filmmakers make is just applying to the “big festivals.” It is factual that the large festival can and do launch careers, but do you know what? Those same big festivals receive thousands of entries. A few of the also known, such as Sundance, often receive 6,000 or maybe more annually for under 200 slots. Look closely and you will notice that many of these festivals are in fact screening big-budget Hollywood films complete with stars. This reduces the amount of slots ready to accept the tiny independent filmmaker a lot more. Unfair, well sure it is actually, but it’s also the means of the business and the way of the world. Go ahead and apply to a few of the big festivals, but bear in mind 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 might not allow you to get signed to your three-movie deal, but it may help enable you to get into the big festival that you were initially aiming for in the first place. Make sure and let those big festivals realize that you screened in the smaller festivals. It swsfxj definitely help.
Again, it’s information on networking and merely since the festival is small doesn’t imply that there isn’t anyone there that may take an interest in your job. Keep an open mind about smaller festivals, be respectful to all those involved and you might be amazed what can happen.
So you’ve ‘struck gold ‘ with your tax credit certification? Is the fact that all there is certainly? Not at all, as most producers and project owners decide to finance those credits for valuable income and working capital.
With a trusted, 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 although 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 understand what is!