Film and Video Production Tax Credit
Highlights
This program is designed for businesses like yours in the film and video production industry. It offers up to 65% back on salaries or 38% on eligible production costs. This means significant savings on your biggest expenses, allowing you to reinvest in your projects and grow your business.
Why apply?
- Substantial tax credits: Up to 65% on salaries or 38% on production costs.
- Flexible financing: Choose the option that best suits your financial needs.
- Government-backed: Ensures reliability and support.
What's in it for you?
- Increased cash flow: More funds to allocate towards production quality and talent.
- Competitive edge: Lower production costs can make your projects more competitive.
- Ease of application: The online portal simplifies the process, making it straightforward to apply and track your application.
Qualifying is straightforward, and being approved can provide a significant boost to your financial planning and project execution. This program is an excellent opportunity to enhance your business's financial health and production capabilities.
Financing Details
Type of Financing: Tax Credit
Repayment Terms and Interest Rates:
- No repayment terms or interest rates apply, as this is a tax credit.
Eligible Expenses:
- Cost-of-Salaries Tax Credit: Up to 65% on Manitoba labour expenditures, including bonuses.
- Cost-of-Production Tax Credit: Up to 38% on all eligible Manitoba expenditures, including bonuses.
Use of Funds:
- Funds can be used for Manitoba labour costs and production expenses.
- Eligible expenses include salaries, wages, and other production-related costs incurred in Manitoba.
Restrictions on Use of Funds:
- Funds cannot be used for non-Manitoba expenditures.
- Ineligible expenses include costs incurred outside Manitoba or those not directly related to production.
Fees:
- No application fees are associated with this tax credit program.
Qualifications
- Must be a corporation eligible under Manitoba Film & Music guidelines.
- Must submit applications through Manitoba Film & Music’s online application portal.
- Must make deeming requests before the start of principal photography.
- Must provide a Declaration of Principal Owner.
- Must provide a Manitoba Labour Expenditures Worksheet for the Cost-of-Salaries Tax Credit.
- Must provide a Manitoba Expenditures Worksheet for the Cost-of-Production Tax Credit.
- Must provide notarized affidavits for advance or completion applications, depending on budget levels and whether MFM is an equity investor.
Must provide a Declaration of Manitoba Residency for applicable forms.
Disqualifications:
- Applications submitted via mail or email.
Description
The Manitoba Film and Video Production Tax Credit is a great opportunity for your business. You can receive up to 65% back on salaries or 38% on all eligible Manitoba expenses. This means more money in your pocket to reinvest in your projects.
You can use the funds for various production costs. This includes paying your staff, renting equipment, or covering other production-related expenses. The program is designed to help you manage your budget more effectively and make your projects more financially viable.
The best part? There is no payback period. This is not a loan; it's a tax credit. You get to keep the money you save and use it to grow your business. This program is a valuable resource to help your business thrive in the competitive film and video industry.
Program Steps
Register for the Online Application Portal: Visit Manitoba Film & Music’s website and register for the online application portal.
Prepare Required Documentation: Gather the necessary documents for your application. These include:
- Manitoba Labour Expenditures Worksheet
- Declaration of Principal Owner (Word | PDF)
- Declaration of Principal Owner Under the Producer Definition (Word | PDF)
- Manitoba Expenditures Worksheet (for Cost-of-Production Tax Credit)
- Form G, E, F, J, H, I - Affidavits to be notarized
- Form A(1) - Declaration of Manitoba Residency
- Applicant Authorization Form
- Schedule 388 for CRA
- Form B(1) - Report of Eligible Manitoba Labour Expenditures
- Form B(1) - Report of Eligible Manitoba Expenditures
Complete the Application Forms: Fill out the necessary application forms available on the portal. Ensure all information is accurate and complete.
Submit Deeming Requests: If applicable, submit a list of positions to be deemed and the names of non-Manitoba residents to Manitoba Film & Music before the start of principal photography.
Upload Documentation: Upload all required documents to the online application portal. Ensure each document is correctly labeled and in the appropriate format.
Review and Submit Application: Review all entered information and uploaded documents for accuracy. Once confirmed, submit your application through the portal.
Await Confirmation: Wait for confirmation from Manitoba Film & Music regarding the status of your application. They may contact you for additional information or clarification.
Follow Up: If needed, follow up with Manitoba Film & Music for any updates or additional requirements. Contact them at (204) 947-2040 or [email protected] for assistance.