Finance Ontario and BC Film – Production Incentives Striking Gold With Film Tax Credits

Finance Ontario and BC Film – Production Incentives Striking Gold With Film Tax Credits

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Different categories of taxpayers have got different forms of tax reliefs that they are allowed by the HM Revenue & Customs. These allowances are usually in place with the sole aim of encouraging certain policies of the government in power. As someone who is self-employed, there are a number of reliefs and tax allowances that you are allowed, and which you should try as much as possible to make use of. In this article, we will look at the reliefs and some of the best ways of handling them so that you can remain with as much money as possible in your pocket without attracting the government’s wrath.

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.

Professional Expenses Another category of expenses that you can claim as you file your tax returns is the professional fees. In setting up a business, you probably required the help of a lawyer, an accountant, and so on.

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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.

What are the AMT items that apply to small business owners? Set forth below are brief explanations of the more common AMT items affecting small businesses. Depreciation – property used in a business can be depreciated for tax purposes, and there are choices to be made as to which depreciation method to use. Some depreciation methods result in an AMT item while others do not, so this is an important consideration for the small business owner.

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.

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The first way of doing this is to use a fixed rate that is provided by the HM Revenue & Customs. Here, you will charge the business a certain amount for every mile traveled. The second way of doing this is by using the actual expenses that are directly incurred as a result of the car use, and then allocating the business proportion based on the total mileage covered on business trips.

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!

Harris Smith offers advice on home equity line of credit and obtaining credit. Utilities Debt Consolidation programs that will help you to get out of debt.

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