The province of Ontario is proposing to increase the Ontario Production Services Tax Credit, available to foreign-financed productions shooting in the province, from 18 per cent to 25 per cent.
The province also says it will increase its locally-oriented Ontario Film and Television Tax Credit, for which official Canadian coproductions are eligible, from 30 per cent to 35 per cent. The new rates on the labour-based tax credits will be effective from December 31, 2007 to January 1, 2010.
The provincial government estimates the proposed enhancements will provide an additional C$50m in financial support in 2008-2009.
Calling the announcement, 'an early Christmas present', Karl Pruner, president of Canadian performers guild ACTRA, said the increase will help the local industry compete in an environment where the Canadian dollar has gained tremendously against the American dollar and other jurisdictions have been boosting their own incentives.
The province also says it will increase its locally-oriented Ontario Film and Television Tax Credit, for which official Canadian coproductions are eligible, from 30 per cent to 35 per cent. The new rates on the labour-based tax credits will be effective from December 31, 2007 to January 1, 2010.
The provincial government estimates the proposed enhancements will provide an additional C$50m in financial support in 2008-2009.
Calling the announcement, 'an early Christmas present', Karl Pruner, president of Canadian performers guild ACTRA, said the increase will help the local industry compete in an environment where the Canadian dollar has gained tremendously against the American dollar and other jurisdictions have been boosting their own incentives.
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