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 incredibly 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 a day whenever we don’t hear or read about various film tax credit debacles in the U.S. – (The last title we say a few days ago read as follows ” Officials get ready for a battle over if you should scarp 40M annually 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 seems to be far more easier and simple.. I assume we’re biased a bit!
Canadian film tax credits and the financing of the Kia Jam happen to be in place for several years now. Each province has a film tax credit (you can find 10 provinces in Canada) as well as the credit is together with CRA, which is the Canadian same in principle as the IRS in america.
As 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 that three parts of the industry – film, TV, and digital animation. (Actually there are several other credits for music and publishing).
Producers and project owners both in U.S. and Canada that decide 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 their projects from anywhere, generally.. from 30- 45% of the total budget. Yes, its still your choice as producer to arrange the other 55-70% but don’t say you haven’t an excellent start when you receive non repayable funds in the amounts we have highlighted.
The 2nd biggest mistake filmmakers make is just signing up to the “big festivals.” It is certainly true that the big festival can and do launch careers, but guess what? Those same big festivals receive thousands of entries. A number of the better known, including Sundance, often receive 6,000 or more a year for under 200 slots. Take a close look and you will see that a number of these festivals are in reality screening big-budget Hollywood films including stars. This reduces the quantity of slots available to the little independent filmmaker a lot more. Unfair, well sure it is actually, but it’s even the means of the business and the way of the world. Go ahead and affect a few 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 might not allow you to get signed to your three-movie deal, however it can help allow you to get in to the big festival that you were initially concentrating on in the first place. Make 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 imply that there isn’t anyone there that might take an interest in your work. Keep an open mind about smaller festivals, be respectful for all those involved and you might be surprised so what can happen.
So you’ve ‘struck gold ‘ along with your tax credit certification? Is that all there exists? Definitely not, since many 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 can 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 your current or next project. If that isn’t ‘ striking gold… we don’t really know what is!