Prospecting for gold is probably 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 very well thanks, as well as the generosity and relative straightforwardness of Canadas film tax credit system has sure helped in this regard.
There remains almost not really 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 prepare for a battle over whether to scarp 40M per 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 appears to be far more easier and straightforward.. I assume we’re biased somewhat!
Canadian film tax credits as well as the financing of these gettyimages happen to be set up for many years now. Each province features a film tax credit (there are 10 provinces in Canada) as well as the credit is together with CRA, the Canadian same in principle as the IRS in the United States.
As 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 areas of the industry – film, TV, and digital animation. (Actually there are some other credits for music and publishing).
Producers and project owners both in 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 his or her projects from anywhere, generally.. from 30- 45% with their total budget. Yes, its still your decision as producer to arrange the other 55-70% but don’t say you haven’t an excellent start when you receive non repayable funds within the amounts that we have highlighted.
The second biggest mistake filmmakers make is just applying to the “big festivals.” It is definitely factual that the major festival can and do launch careers, but you know what? Those same big festivals receive 1000s of entries. A few 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 most of these festivals are actually screening big-budget Hollywood films complete with stars. This reduces the number of slots available to the small independent filmmaker much more. Unfair, well sure it is, but it’s also the way of the industry and how of the world. Proceed to apply to some of the big festivals, but remember that the bulk of your festival submission dollars should go to the smaller festivals that have less competition. Four or five awards from smaller festivals may not allow you to get signed to some three-movie deal, nevertheless it can help get you in to the big festival you were initially shooting for to begin with. Be sure and let those big festivals know that you screened in the smaller festivals. It swsfxj definitely help.
Again, it’s all about networking and simply as 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 to all those involved and you might be surprised so what can happen.
So you’ve ‘struck gold ‘ with your tax credit certification? Is the fact all there is? Not at all, as most producers and project owners choose to finance those credits for valuable income and working capital.
With a dependable, credible and experienced Canadian business financing advisor you may get solid assistance in qualifying your claim, determining eligibility, getting your credits certified, and, finally, last although not lease, financing these valuable credits for cash flow and working capital for the current or next project. In the event that isn’t ‘ striking gold… we don’t understand what is!