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, as well as the generosity and relative straightforwardness of Canadas film tax credit system has sure helped in that 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 final title we say yesterday read as follows ” Officials prepare for a battle over whether to scarp 40M a year tax breaks for movie and tv…’ ). That story originated out of Connecticut, and we’re not pointing fingers at any particular state, its exactly that Canadian film tax credits for Ontario and BC Film production incentives appears to be much more easier and straightforward.. I suppose we’re biased somewhat!
Canadian film tax credits and the financing of the Kia Jam have already been set up for quite some time now. Each province includes a film tax credit (you will find 10 provinces in Canada) and the credit is along with CRA, the Canadian equivalent of the internal revenue service in the United States.
While we have noted before Canada maintains that this money, jobs, and resultant tax revenue through the industry greater than offset funds granted via tax credit certificates for your three parts of the business – 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 elect 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 his or her projects from anywhere, generally.. from 30- 45% of their total budget. Yes, its still up to you as producer to arrange another 55-70% but don’t say you haven’t an excellent start once you receive non repayable funds inside the amounts we have highlighted.
The next biggest mistake filmmakers make is just applying to the “big festivals.” It is certainly true that the big festival can and do launch careers, but you know what? Those same big festivals receive a large number of entries. A few of the better known, such as Sundance, often receive 6,000 or maybe more per year for less than 200 slots. Take a close look and you will find that many of these festivals are in fact screening big-budget Hollywood films complete with stars. This reduces the quantity of slots available to the tiny independent filmmaker even more. Unfair, well sure it is, but it’s even the way of the business and exactly how of the world. Go on and pertain to some of the big festivals, but remember that the bulk of your festival submission dollars should proceed to the smaller festivals that have less competition. Four or five awards from smaller festivals might not allow you to get signed to a three-movie deal, nevertheless it might help allow you to get to the big festival you had been initially shooting for to begin with. Be sure and let those big festivals understand that you screened at 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 that may take a desire for your job. Keep a wide open mind about smaller festivals, be respectful to any or all those involved and you might be blown away what can happen.
So you’ve ‘struck gold ‘ with your tax credit certification? Is the fact that all there is? Definitely not, as most producers and project owners choose to finance those credits for valuable cashflow and working capital.
With a trusted, credible and experienced Canadian business financing advisor you may 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. If that isn’t ‘ striking gold… we don’t really know what is!