CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Ontario Seeks To Lure Back Movie Producers With Added Tax Breaks

Ontario Seeks To Lure Back Movie Producers With Added Tax Breaks

by Mike Godfrey, Tax-News.com, Washington

23 December 2004


Ontario is set to increase the tax breaks it offers to movie producers in an effort to arrest a sharp decline in the number of productions taking place in the Canadian province.

Although it is one of the largest film production centres in Canada, the industry in Ontario has been squeezed by a number of factors in the last three years.

Chief among these is a strengthening Canadian dollar in relation to the United States, while increased competition in the form of tax breaks for production firms both from international sources and other Canadian provinces has also contributed to Ontario’s decline in popularity.

Moreover, the American Jobs Creation Act passed by Congress in October has provided an added incentive for movie makers to stay at home, by allowing independent studios to write off the costs of a movie in one year, provided three quarters or more of the budget is spent in the US.

However, on Tuesday, Ontario's culture minister, Madeleine Meilleur unveiled a series of new measures intended to lure back movie makers, which include an increase in the tax credit for foreign productions to 18% from 11%, and for domestic productions from 11% to 18%.

According to reports, since hitting a peak of C$567 million (US$456.3 million) in 2001, spending by US production firms in Toronto had fallen to C$333 million by 2003.

A comprehensive report in our Intelligence Report series describing tax-effective regimes for film production in a number of key countries is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp .


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »