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 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 incredibly well thank you, as well as 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 find out about various film tax credit debacles in the U.S. – (The very last title we say the other day read as follows ” Officials get ready for a battle over whether or not to 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 that Canadian film tax credits for Ontario and BC Film production incentives seems to be much more easier and straightforward.. I suppose we’re biased a little!
Canadian film tax credits and also the financing of the gettyimages happen to be set up for quite some time now. Each province features a film tax credit (you will find 10 provinces in Canada) and also the credit is along with CRA, which is the Canadian same as the internal revenue service in america.
Since we have noted before Canada maintains that this money, jobs, and resultant tax revenue through the industry a lot more than offset funds granted via tax credit certificates for the three parts of the industry – film, TV, and digital animation. (Actually there are several 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) are in the enviable position of receiving funding for his or her projects from anywhere, generally.. from 30- 45% of the total budget. Yes, its still up to you as producer to arrange another 55-70% but don’t say you haven’t a good start whenever you receive non repayable funds within the amounts that people have highlighted.
The next biggest mistake filmmakers make is only signing up to the “big festivals.” It is 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 better known, like Sundance, often receive 6,000 or maybe more per year for less than 200 slots. Look closely and you will notice that a number of these festivals are actually screening big-budget Hollywood films complete with stars. This reduces the amount of slots ready to accept the small independent filmmaker a lot more. Unfair, well sure it is, but it’s also the means of the business and the way around the globe. Go ahead and pertain to several of the big festivals, but remember that the majority of your festival submission dollars should visit the smaller festivals who have less competition. Four or five awards from smaller festivals may not get you signed to your three-movie deal, but it may help get you to the big festival you were initially shooting for in the first place. Be sure and let those big festivals understand that you screened in the smaller festivals. It swsfxj definitely help.
Again, it’s about networking and just because the festival is small doesn’t suggest that there isn’t anyone there that might 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 ‘ along with your tax credit certification? Is the fact that all there exists? Not at all, as most producers and project owners decide 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 your credits certified, and, finally, last however, not lease, financing these valuable credits for money flow and working capital for the current or next project. If this isn’t ‘ striking gold… we don’t really know what is!