Type of Program:
The Newfoundland and Labrador Interactive Digital Media (IDM) is a refundable tax credit based on eligible salaries and eligible remuneration incurred by an eligible corporation for the development of interactive digital media products during the period of January 1, 2015 to December 31, 2024 inclusive. Applicants must apply to the Minister of Finance for a tax credit certificate within six months of the end of each taxation year.
Comments on Funding:
Funding is 40% of qualifying expenditures.
Eligible expenditures include eligible salaries and 65% of eligible remuneration.
The credit value is limited to $40,000 per employee per year and $2 million per company, or group of associated companies, per year.
When It Ends:
The applicant must:
The application process is a two part process:
first apply for a registration certificate as an eligible corporation. It is recommended that applications be made through the NL Film Development Corporation (part I application form),
apply to the Minister of Finance for a tax credit certificate within 18 months of the end of each taxation year (part II application form),
file the T2 return.
Applicants must submit the following with the Part I application:
Applicants must submit the following with the Part II application: