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 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 thank you, and the generosity and relative straightforwardness of Canadas film tax credit system has sure helped in that regard.
There continues to be almost not really 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 a few days ago read the following ” Officials prepare for a battle over whether or not to scarp 40M a year 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 just that Canadian film tax credits for Ontario and BC Film production incentives seems to be a lot more easier and straightforward.. I suppose we’re biased a bit!
Canadian film tax credits and the financing of the Kia Jam happen to be set up for several years now. Each province includes a film tax credit (there are 10 provinces in Canada) and the credit is together with CRA, which is the Canadian equivalent of the IRS in the usa.
While we have noted before Canada maintains that the money, jobs, and resultant tax revenue from your industry more than offset funds granted via tax credit certificates for that three parts of the industry – film, TV, and digital animation. (Actually there are several other credits for music and publishing).
Producers and project owners both in 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, in general.. from 30- 45% of the total budget. Yes, its still your choice as producer to arrange another 55-70% but don’t say you haven’t a good start once you receive non repayable funds within the amounts that we have highlighted.
The next biggest mistake filmmakers make is just applying to the “big festivals.” It is definitely correct that the large festival can and do launch careers, but you know what? Those same big festivals receive a large number of entries. A number of the also known, like Sundance, often receive 6,000 or even more per year cheaper than 200 slots. Take a close look and you will notice that many of these festivals are in reality screening big-budget Hollywood films complete with stars. This reduces the amount of slots open to the tiny independent filmmaker even more. Unfair, well sure it is, but it’s also the way of the business and exactly how around the world. Go on and affect some of the big festivals, but bear in mind that the majority of your festival submission dollars should go to the smaller festivals that have less competition. Four or five awards from smaller festivals might not allow you to get signed to your three-movie deal, however it may help get you to the big festival you were initially aiming for to begin 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 just since the festival is small doesn’t mean that there isn’t anyone there that might take a desire for your projects. Keep an open mind about smaller festivals, be respectful to any or all those involved and you might be amazed so what can happen.
So you’ve ‘struck gold ‘ along with your tax credit certification? Is the fact all there is certainly? Certainly not, as most producers and project owners elect to finance those credits for valuable cash flow 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 the credits certified, and, finally, last but not lease, financing these valuable credits for money flow and working capital for your current or next project. If that isn’t ‘ striking gold… we don’t know what is!