Newfoundland and Labrador film and video industry tax credit

Eligibility for the Film and Video Tax Credit requires specific compliance with labour and financial criteria.

• The corporation must apply for eligibility to the Newfoundland and Labrador Film Development Corporation before production starts.
• The corporation must pay at least 25% of its salaries and wages to residents of Newfoundland and Labrador.
• Eligible projects must be local film productions.
• The corporation is subject to a tax credit limit of $5 million for productions beginning on or after July 1, 2021.
• The corporation is no longer restricted by a limit on asset size in conjunction with associated corporations.

Who is eligible?

This grant is aimed at corporations involved in the local film and video industry, focusing on productions employing provincial talent and contributing to the local economy. However, the specific evaluation and selection criteria for projects under this tax credit beyond the eligibility conditions are not detailed in the provided context.

Eligible expenses

This grant opportunity is designed to support film and video production corporations that engage in local projects by offering a refundable tax credit. Although the context does not explicitly list eligible projects or activities, it implies a focus on film and video productions involving local labour.

• Film production involving local labour resources.
• Video production engaging provincial talent and technicians.
• Collaborative productions that promote regional stories or settings.
• Projects exploring innovative filming techniques using local expertise.

Eligible geographic areas

The Film and Video Tax Credit is catered to support corporations engaged in film projects within the provincial jurisdiction. The focus is on productions employing residents and incurring costs locally as dictated by the development corporation.

• Newfoundland and Labrador.

There are evaluation and selection criteria for the Film and Video Tax Credit grant in Newfoundland and Labrador.

• Applicants must first apply for eligibility to the Newfoundland and Labrador Film Development Corporation prior to production.
• Corporations must pay at least 25% of salaries and wages to residents of the province.
• The corporation must submit financial statements and cost reports for final approval.
• The project must meet the required local labour costs and production expenses.
• Overall project feasibility and impact on the local film industry may also be considered.

Here are additional relevant details for this tax credit:

• The tax credit applies at a rate of 40% of eligible local labor costs but is capped at 25% of the total production costs.
• The current corporation credit limit of $5 million is for productions beginning on or after July 1, 2021.
• There is no longer a restriction on the production corporation and any associated corporations having assets less than $25 million.
• The credit certificate must be attached to the T2 return for the corporation to claim the tax credit.