Prospecting for gold is probably tough, but we're quite sure prospecting for financing for your film, TV or digital animation projects is tougher. So 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 thank you , and the generosity and relative straightforwardness of Canadas film tax credit system has sure helped in that regard .
There continues to be almost not a day when we don’t hear or read about various film tax credit debacles in the U.S. - ( The last title we say the other day 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 just that Canadian film tax credits for Ontario and BC Film production incentives seems to be a lot more easier and straightforward .. I guess we're biased a bit!
Canadian film tax credits and the financing of those tax credits have been in place for many years now. Each province has a film tax credit (there are 10 provinces in Canada) and the credit is in conjunction with CRA, which is 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 from the industry more than offset funds granted via tax credit certificates for the three parts of the industry - 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 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 when you receive non repayable funds in the amounts that we have highlighted.
So you've 'struck gold ' with your tax credit certification? Is that all there is? Definitely not, as most producers and project owners choose to finance those credits for valuable cash flow 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, getting 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 know what is!
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Stan Prokop - founder of 7 Park Avenue Financial -
http://www.7parkavenuefinancial.com
Originating business financing for Canadian companies , specializing in working capital, cash flow, asset based financing . In business 7 years - has completed in excess of 50 Million $$ of financing for Canadian corporations .Info re: Canadian business financing & contact details :
http://www.7parkavenuefinancial.com/finance_film_tax_credits_ontario_bc_production.html
