Prospecting for gold is probably 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, as well as the generosity and relative straightforwardness of Canadas film tax credit system has sure helped in that regard.
There remains almost not just a day when we don’t hear or read about various film tax credit debacles in the U.S. – (The last title we say the other day read as follows ” Officials get ready for a battle over if you should scarp 40M a year 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 is apparently much more easier and straightforward.. I suppose we’re biased a little!
Canadian film tax credits and also the financing of the gettyimages have been set up 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, 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 through the industry a lot more than offset funds granted via tax credit certificates for your three parts of the business – film, TV, and digital animation. (Actually there are some 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.. from 30- 45% of the total budget. Yes, its still your choice as producer to arrange one other 55-70% but don’t say you haven’t a good beginning whenever you receive non repayable funds within the amounts we have highlighted.
The 2nd biggest mistake filmmakers make is only applying to the “big festivals.” It is factual that the large festival can and do launch careers, but you know what? Those same big festivals receive thousands of entries. A number of the more well known, including Sundance, often receive 6,000 or more annually cheaper than 200 slots. Take a close look and you will notice that many of these festivals are in fact screening big-budget Hollywood films including 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 even the means of the industry and exactly how around the globe. 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 who have less competition. Four or five awards from smaller festivals may not allow you to get signed to your three-movie deal, but it might help enable you to get in to the big festival you had been initially concentrating on in the first place. Be sure and let those big festivals know that you screened on the smaller festivals. It swsfxj definitely help.
Again, it’s all about networking and simply since the festival is small doesn’t imply that there isn’t anyone there that may take a desire for your work. Keep a wide open mind about smaller festivals, be respectful to all those involved and you will be surprised so what can happen.
So you’ve ‘struck gold ‘ along with your tax credit certification? Is the fact that all there is certainly? Not at all, since many producers and project owners decide to finance those credits for valuable cashflow and working capital.
By working with a reliable, 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 however, not lease, financing these valuable credits for cash flow and working capital for your current or next project. In the event that isn’t ‘ striking gold… we don’t know what is!