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 incredibly well thank you, and the generosity and relative straightforwardness of Canadas film tax credit system has sure helped in this regard.
There is still almost not really a day when we don’t hear or read about various film tax credit debacles inside the U.S. – (The last title we say a few days ago read as follows ” Officials get ready for a battle over whether to 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 seems to be a lot more easier and simple.. I guess we’re biased a little!
Canadian film tax credits as well as the financing of those gettyimages.com have been in place for quite some time now. Each province includes a film tax credit (you will find 10 provinces in Canada) as well as the credit is in conjunction with CRA, the Canadian equivalent of the IRS in the United States.
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 business – 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 decide to domicile there projects in Canada (i.e. film them here, post produce them here, etc) have been in the enviable position of receiving funding for their projects from anywhere, generally.. from 30- 45% with their total budget. Yes, its still up to you as producer to arrange the other 55-70% but don’t say you haven’t a good start once you receive non repayable funds within the amounts that we have highlighted.
The 2nd biggest mistake filmmakers make is simply applying to the “big festivals.” It is true that the large festival can and do launch careers, but do you know what? Those same big festivals receive a large number of entries. A few of the also known, including Sundance, often receive 6,000 or maybe more a year for under 200 slots. Look closely and you will notice that a number of these festivals are in fact screening big-budget Hollywood films including stars. This reduces the amount of slots ready to accept the tiny independent filmmaker much more. Unfair, well sure it really is, but it’s even the means of the market and how around the globe. Go ahead and apply to some of the big festivals, but bear in mind 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 well not get you signed to your three-movie deal, but it might help enable you to get into the big festival you were initially aiming for to begin with. Make sure and let those big festivals realize that you screened on the smaller festivals. It swsfxj definitely help.
Again, it’s information on networking and just as the festival is small doesn’t suggest that there isn’t anyone there which may take an interest in your projects. Keep a wide 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 ‘ together with your tax credit certification? Is the fact that all there is certainly? Certainly not, as many producers and project owners elect to finance those credits for valuable cashflow and working capital.
With a dependable, credible and experienced Canadian business financing advisor you will get solid assistance in qualifying your claim, determining eligibility, getting the credits certified, and, finally, last however, not lease, financing these valuable credits for cash flow and working capital to your current or next project. In the event that isn’t ‘ striking gold… we don’t really know what is!