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 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 very well thanks a lot, and the generosity and relative straightforwardness of Canadas film tax credit system has sure helped in that regard.
There is still almost not a day whenever we don’t hear or read about various film tax credit debacles in the U.S. – (The final title we say yesterday read as follows ” Officials prepare for a battle over if you should scarp 40M a year tax breaks for movie and television…’ ). That story originated 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 much more easier and simple.. I guess we’re biased a bit!
Canadian film tax credits and the financing of these gettyimages have already been in place for several years now. Each province has a film tax credit (you will find 10 provinces in Canada) and also the credit is in conjunction with CRA, the Canadian same in principle as the internal revenue service in the usa.
As we have noted before Canada maintains that the money, jobs, and resultant tax revenue from the industry a lot more than offset funds granted via tax credit certificates for that three areas of the business – 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 their projects from anywhere, generally.. from 30- 45% of the total budget. Yes, its still your decision as producer to arrange another 55-70% but don’t say you haven’t an excellent start once you receive non repayable funds inside the amounts that we have highlighted.
The second biggest mistake filmmakers make is simply signing up to the “big festivals.” It is definitely correct that the large festival can and do launch careers, but do you know what? Those same big festivals receive thousands of entries. Some of the more well known, such as Sundance, often receive 6,000 or even more annually for under 200 slots. Look closely and you will see that most of these festivals are in reality 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 industry and the way of the world. Proceed to apply to 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 enable you to get signed to some three-movie deal, however it can help allow you to get into the big festival you were initially concentrating on in the first place. Be sure and let those big festivals understand that you screened at the smaller festivals. It swsfxj definitely help.
Again, it’s all about networking and simply because the festival is small doesn’t mean that there isn’t anyone there that might take a desire for your job. Keep a wide open mind about smaller festivals, be respectful for all those involved and you might be surprised exactly what can happen.
So you’ve ‘struck gold ‘ together with your tax credit certification? Is the fact that all there exists? Definitely not, as many producers and project owners decide to finance those credits for valuable cashflow and working capital.
With a dependable, credible and experienced Canadian business financing advisor you can get solid assistance in qualifying your claim, determining eligibility, getting your credits certified, and, finally, last but not lease, financing these valuable credits for cash flow and working capital for your current or next project. If that isn’t ‘ striking gold… we don’t understand what is!