Prospecting for gold is most likely 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 extremely well thanks a lot, and also the generosity and relative straightforwardness of Canadas film tax credit system has sure helped because 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 very last title we say the other day read as follows ” Officials get ready for a battle over if you should scarp 40M per 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 appears to be far more easier and simple.. I assume we’re biased a little!
Canadian film tax credits and the financing of these gettyimages happen to be set up for several years now. Each province includes a film tax credit (you can find 10 provinces in Canada) and also the credit is together with CRA, the Canadian same as the IRS in the usa.
Since we have noted before Canada maintains the money, jobs, and resultant tax revenue through the industry a lot more than offset funds granted via tax credit certificates for that three parts of the business – 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 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, generally speaking.. from 30- 45% with their total budget. Yes, its still your decision as producer to arrange another 55-70% but don’t say you haven’t a good beginning once you receive non repayable funds inside the amounts that we have highlighted.
The next biggest mistake filmmakers make is simply applying to the “big festivals.” It is definitely correct that the large festival can and do launch careers, but guess what? Those same big festivals receive thousands of entries. Some of the better known, such as Sundance, often receive 6,000 or maybe more per year for less than 200 slots. Take a close look and you will find that many of these festivals are in fact screening big-budget Hollywood films complete with stars. This reduces the number of slots available to the small independent filmmaker a lot more. Unfair, well sure it really is, but it’s also the way of the industry and the way around the world. Go ahead and apply to some of the big festivals, but bear in mind that the majority of your festival submission dollars should proceed to the smaller festivals which have less competition. Four or five awards from smaller festivals may not enable you to get signed to some three-movie deal, but it may help enable you to get into the big festival that you were initially concentrating on to begin with. Be certain and let those big festivals know that you screened at the smaller festivals. It swsfxj definitely help.
Again, it’s about networking and just as the festival is small doesn’t mean that there isn’t anyone there which may take an interest in your projects. Keep an open mind about smaller festivals, be respectful for all those involved and you will be blown away so what can happen.
So you’ve ‘struck gold ‘ along with your tax credit certification? Is that all there exists? Not at all, as most producers and project owners elect to finance those credits for valuable income and working capital.
With a reliable, 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 your current or next project. If that isn’t ‘ striking gold… we don’t understand what is!