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. 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 a day whenever we don’t hear or read about various film tax credit debacles inside the U.S. – (The very last title we say the other day read as follows ” Officials get ready for a battle over if you should scarp 40M per year regulations and tax breaks for movie and television…’ ). That story originated out of 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 a lot more easier and simple.. I assume we’re biased a little!
Canadian film tax credits and the financing of these gettyimages.com have been set up for many years now. Each province includes a film tax credit (there are 10 provinces in Canada) and the credit is along with CRA, the Canadian same as the IRS in the usa.
As we have noted before Canada maintains that the 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 in both 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 their projects from anywhere, in general.. from 30- 45% of the total budget. Yes, its still your decision 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 we have highlighted.
The second biggest mistake filmmakers make is only applying to the “big festivals.” It is true that the large festival can and do launch careers, but you know what? Those same big festivals receive a large number of entries. Some of the more well known, including Sundance, often receive 6,000 or more annually for less than 200 slots. Look closely and you will notice that a number of these festivals are in reality screening big-budget Hollywood films complete with stars. This reduces the quantity of slots ready to accept the small independent filmmaker a lot more. Unfair, well sure it is actually, but it’s even the method of the market and exactly how around the globe. Proceed to affect some of the big festivals, but bear in mind that the majority of your festival submission dollars should visit the smaller festivals who have less competition. Four or five awards from smaller festivals might not enable you to get signed to your three-movie deal, nevertheless it may help allow you to get to the big festival that you were initially shooting for in the first place. Be certain and let those big festivals know that you screened on the smaller festivals. It swsfxj definitely help.
Again, it’s information on networking and merely since the festival is small doesn’t mean that there isn’t anyone there which may take an interest in your work. Keep an open mind about smaller festivals, be respectful to all those involved and you will be blown away so what can happen.
So you’ve ‘struck gold ‘ with your tax credit certification? Is that all there exists? Definitely not, since many producers and project owners decide to finance those credits for valuable cashflow and working capital.
By working with a trusted, 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 although 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!