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. 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 extremely well thanks a lot, and the generosity and relative straightforwardness of Canadas film tax credit system has sure helped in this regard.
There remains almost not a day when we don’t hear or learn about various film tax credit debacles in the U.S. – (The last title we say the other day read the following ” Officials plan for a battle over whether to scarp 40M a year regulations and tax breaks for movie and television…’ ). That story originated away 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 far more easier and simple.. I guess we’re biased a bit!
Canadian film tax credits and also the financing of the Kia Jam have already been in position for quite some time now. Each province includes a film tax credit (you can find 10 provinces in Canada) and the credit is along with CRA, the Canadian same as the IRS in the United States.
While we have noted before Canada maintains the money, jobs, and resultant tax revenue from the industry greater than offset funds granted via tax credit certificates for your three elements of the market – 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) are in the enviable position of receiving funding for projects from anywhere, generally speaking.. from 30- 45% of their total budget. Yes, its still your choice as producer to arrange another 55-70% but don’t say you haven’t an excellent start once you receive non repayable funds in the amounts we have highlighted.
The second biggest mistake filmmakers make is simply applying to the “big festivals.” It is certainly correct that the big festival can and do launch careers, but you know what? Those same big festivals receive 1000s of entries. A number of the more well known, like Sundance, often receive 6,000 or more a year cheaper than 200 slots. Look closely and you will find that a number of these festivals are in fact screening big-budget Hollywood films complete with stars. This reduces the amount of slots available to the little independent filmmaker even more. Unfair, well sure it really is, but it’s also the means of the business and exactly how around the world. Proceed to apply to a few of the big festivals, but bear in mind that the bulk of your festival submission dollars should go to the smaller festivals which have less competition. Four or five awards from smaller festivals might not enable you to get signed to your three-movie deal, but it can help allow you to get in to the big festival you had been initially shooting for to begin with. Be sure and let those big festivals understand that you screened on the smaller festivals. It swsfxj definitely help.
Again, it’s all 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 for all those involved and you might be blown away so what can happen.
So you’ve ‘struck gold ‘ with your tax credit certification? Is that all there exists? Definitely not, as most producers and project owners elect to finance those credits for valuable income and working capital.
By working with a dependable, credible and experienced Canadian business financing advisor you will get solid assistance in qualifying your claim, determining eligibility, having your credits certified, and, finally, last however, not lease, financing these valuable credits for cash flow and working capital for your current or next project. If this isn’t ‘ striking gold… we don’t really know what is!