Type of Program:
The Film and Video Tax Credit is a refundable provincial corporate income tax credit and is provided for eligible local film projects at a rate of 40% of eligible local labor costs, but may not exceed 25% of production costs.
Comments on Funding:
Funding is 40% of eligible local labor costs, but may not exceed 25% of production costs. The maximum tax credit within a 12 month period that may be received by an eligible corporation, together with all corporations associated with that corporation, in respect of all eligible projects commenced on or after July 1, 2021 is $5,000,000.
When It Ends:
The applicant must:
first apply for eligibility to the Newfoundland and Labrador Film Development Corporation prior to the commencement of production,
apply for the tax credit once the project is completed, and financial statements and cost reports finalized,
attach the tax credit certificate to the T2 return.
Applicants must provide the following information:
Other Things to Note:
The film and video industry tax credit is a fully refundable corporate income tax credit administered on behalf of the Department of Finance by the Newfoundland & Labrador Film Development Corporation (NLFDC).