Prospecting for gold may well be tough, but we’re quite sure prospecting for financing for your film, TV or digital animation projects is tougher. Why not have 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 extremely well thank you, as well as the generosity and relative straightforwardness of Canadas film tax credit system has sure helped because regard.
There continues to be almost not just a day once we don’t hear or learn about various film tax credit debacles inside the U.S. – (The last title we say the other day read as follows ” Officials prepare for a battle over whether or not to scarp 40M a 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 just that Canadian film tax credits for Ontario and BC Film production incentives appears to be much more easier and simple.. I assume we’re biased a bit!
Canadian film tax credits and also the financing of these gettyimages have been set up for quite some time now. Each province features a film tax credit (there are 10 provinces in Canada) as well as the credit is along with CRA, the Canadian same as the internal revenue service in the usa.
While we have noted before Canada maintains that the money, jobs, and resultant tax revenue from your industry a lot more than offset funds granted via tax credit certificates for your three parts 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 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 their total budget. Yes, its still your choice as producer to arrange the other 55-70% but don’t say you haven’t a good beginning once you receive non repayable funds in the amounts we have highlighted.
The 2nd biggest mistake filmmakers make is simply applying to the “big festivals.” It is definitely true that the major festival can and do launch careers, but do you know what? Those same big festivals receive thousands 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 find that a number of these festivals are in reality screening big-budget Hollywood films filled with stars. This reduces the quantity of slots open to the little independent filmmaker even more. Unfair, well sure it is actually, but it’s also the means of the industry and the way around the globe. 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 which have less competition. Four or five awards from smaller festivals may not enable you to get signed to your three-movie deal, however it can help allow you to get into the big festival that you were initially aiming 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 information on networking and merely since the festival is small doesn’t suggest that there isn’t anyone there which may take an interest in your work. Keep an open mind about smaller festivals, be respectful to any or all those involved and you will be surprised so what can happen.
So you’ve ‘struck gold ‘ together with your tax credit certification? Is the fact that all there is? Not at all, since many producers and project owners elect to finance those credits for valuable cashflow and working capital.
By working with a reliable, 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 but 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!