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. 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 incredibly well thank you, and also the generosity and relative straightforwardness of Canadas film tax credit system has sure helped in that regard.
There is still almost not a day when we don’t hear or find out about various film tax credit debacles in the U.S. – (The final title we say yesterday read as follows ” Officials get ready for a battle over whether or not to scarp 40M a year regulations and tax breaks for movie and tv…’ ). 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 straightforward.. I assume we’re biased a little!
Canadian film tax credits and the financing of those Kia Jam happen to be in place for many years now. Each province includes a film tax credit (there are 10 provinces in Canada) and also the credit is together with CRA, which is the Canadian equivalent of the internal revenue service in the United States.
As we have noted before Canada maintains that this money, jobs, and resultant tax revenue from your industry greater than offset funds granted via tax credit certificates for your three areas of the market – film, TV, and digital animation. (Actually there are some other credits for music and publishing).
Producers and project owners within both U.S. and Canada that elect 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 up to you as producer to arrange one other 55-70% but don’t say you haven’t an excellent start once you receive non repayable funds in the amounts that people have highlighted.
The 2nd biggest mistake filmmakers make is only signing up to the “big festivals.” It is definitely correct that the large festival can and do launch careers, but you know what? Those same big festivals receive 1000s of entries. A number of the better known, including Sundance, often receive 6,000 or more a year for less than 200 slots. Take a close look and you will find that a number of these festivals are actually screening big-budget Hollywood films including stars. This reduces the amount of slots open to the little independent filmmaker a lot more. Unfair, well sure it is actually, but it’s even the way of the business and exactly how around the world. Proceed to affect some of the big festivals, but remember 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 may well not allow you to get signed to your three-movie deal, however it might help allow you to get in to the big festival that you were initially concentrating on to begin with. Be certain and let those big festivals realize that you screened in the smaller festivals. It swsfxj definitely help.
Again, it’s all about networking and merely as 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 any or all those involved and you will be amazed what can happen.
So you’ve ‘struck gold ‘ 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 cash flow and working capital.
With a reliable, 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 but not lease, financing these valuable credits for cash flow and working capital for the current or next project. If this isn’t ‘ striking gold… we don’t really know what is!