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 just 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, as well as the generosity and relative straightforwardness of Canadas film tax credit system has sure helped in this regard.
There continues to be almost not really a day when we don’t hear or read about various film tax credit debacles within the U.S. – (The last title we say the other day read as follows ” Officials get ready for a battle over whether or not to 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 is apparently much more easier and straightforward.. I assume we’re biased somewhat!
Canadian film tax credits and the financing of those gettyimages have already been in place for quite some time now. Each province has a film tax credit (there are 10 provinces in Canada) and also the credit is along with CRA, which is the Canadian same as the internal revenue service in the usa.
Since we have noted before Canada maintains that this money, jobs, and resultant tax revenue from your industry more than offset funds granted via tax credit certificates for the 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 elect 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 their projects from anywhere, generally speaking.. from 30- 45% with their 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 in the amounts that we have highlighted.
The second biggest mistake filmmakers make is only signing up to the “big festivals.” It is definitely true that the major festival can and do launch careers, but guess what? Those same big festivals receive a large number of entries. Some of the also known, including Sundance, often receive 6,000 or maybe more per year for less than 200 slots. Take a close look and you will notice that many of these festivals are in fact screening big-budget Hollywood films filled with stars. This reduces the quantity of slots available to the small independent filmmaker even more. Unfair, well sure it is, but it’s also the way of the industry and the way around the world. Go ahead and apply to several of the big festivals, but remember that the bulk of your festival submission dollars should go to the smaller festivals who have less competition. Four or five awards from smaller festivals may well not allow you to get signed to some three-movie deal, but it may help get you to the big festival you were initially shooting for to start with. Be sure and let those big festivals realize that you screened at the smaller festivals. It swsfxj definitely help.
Again, it’s about networking and simply since the festival is small doesn’t suggest that there isn’t anyone there which may take a desire for your work. Keep a wide open mind about smaller festivals, be respectful for all those involved and you will be amazed so what can happen.
So you’ve ‘struck gold ‘ along with your tax credit certification? Is the fact that all there exists? Certainly not, as many producers and project owners choose to finance those credits for valuable income 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, having your credits certified, and, finally, last although not lease, financing these valuable credits for money flow and working capital for the current or next project. If that isn’t ‘ striking gold… we don’t understand what is!