Ns film tax credit cut

Film tax credit cut botched by stephen mcneil, says graham. A production company can expense 50 per cent of every nova scotiabased employees labour costs to the government. The battle against the film industry tax credit cut isnt over. Its been a year since the government of nova scotias surreal. Members of nova scotias film industry say cuts to a tax credit will have a devastating effect on productions in the province.

The ivany report perspective on the film tax credit cut. Mayor mike savage on the ns film tax credit cuts art attack. Nova scotias film industry rallying for tax credit at. The nova scotia affordable living tax credit program is fully funded by the nova scotia provincial government. This decision to cut the film tax credit will likely be the equivalent of the cutting of the yarmouth ferry, prematurely, before we fully understand the impacts. He said the extra funding would stabilize an industry that struggled to cope following the cuts that came with the 2015 provincial budget. Its the political donation tax credit, which tops out at 75 per cent. In the nicest way possible, he said that the plan to cut to the film industry tax credit in particular need adjustment.

The nova scotia digital animation tax credit datc is a refundable provincial corporate income tax credit for qualifying labour expenditures directly related to the development of eligible digital animation productions in nova scotia. Nova scotia film and tax credit rchmnd shop youtube. A large crew set up a stage and several jumbotrons early this morning. Nova scotia film industry ns television production. On july 1, 2015, a new nova scotia film and television production incentive fund began. The film industry incentive program will provide a refundable credit for local firms equal to 30 per cent of their eligible nova scotia salaries, to a. The ivany report perspective on the film tax credit cut an ivany commissioner says its a big mistake. Tax credit cut a stake through heart of nova scotias. The following year, with the change to the tax credit and ensuing chaos, business was essentially cut in half. Nova scotia liberal leader stephen mcneil promised to extend the film tax credit on october 20. Job creation is the entire point of providing tax credits to any industry. At least 25% of salaries must be paid to nova scotians.

New democrats in nova scotia are promising to reinstate a film tax credit axed by the liberal government two years ago. The provincial budget of 2015 was projected to be tough, and it was. Its like a small country that goes into every one of these things, he said. The digital animation tax credit is a refundable tax credit for costs directly related to the development of digital animation in nova scotia. The corporation capital tax on financial institutions is levied under the authority of the corporation capital tax act. The number of film and tv jobs in nova scotia has plunged since the. The nova scotia film tax credit a numbers game the globe and. Nova scotia government delivers hardline budget, cuts 320.

In last weeks spring budget, the province announced it was slashing the credit from 100 per cent refundable to 25 per cent refundable. Stackable with canadas federal tax incentive see combining incentives below. Back in 2015 after the tax credit was cut, film budgets plummeted and some specialized crew left the province due to fewer wellpaying union jobs. Social sharing as of july 1, tax credit for productions will drop. The rally was put on by screen nova scotia, the industrys advocacy group. Nova scotia film tax credit protest highres stock photo. Sadly, it turns out that comments made by finance minister diana whalen last week denouncing the nova scotia film tax credit werent just woefully off script, the liberal government did indeed decide to cut the nova scotia film industry tax credit from 100 percent refundable to 25 percent, beginning july 1, as announced in todays 201516 budget reveal. The credit first reduces the income tax payable and any excess amount will be paid to the corporation. Scene change was an evening of storytelling about political activism as told by nova scotians involved in the movement in the spring of 2015 to save the film tax credit. Film credit cut causes furor in nova scotiahalifax those working in nova scotias film and television industry sounded the death knell for its future thursday after the provincial government cut a tax credit many say they rely on for their survival.

Not long ago, nova scotias film industry was a success story. Nova scotias 2015 provincial budget is set to be unveiled next week and the potential removal of the film industry tax credit isnt sitting well with some people who work in the industry. Now with the loss of a popular film tax credit, it has become a struggle for. Productions that started principal photography before july 1, 2015, will receive the tax credit based on the previous rules. Nova scotia film industry supporters protest tax credit. In april 2015, whalen announced a cut to the nova scotia film tax credit program. Budget 2020 to 2021 government of nova scotia, canada. Should the liberals have eliminated the film tax credit. Nova scotias controversial film tax credit is officially dead. The pwc report on the nova scotia film industry view 902. Welcome to the subreddit of halifax regional municipality, nova scotia, canada. Members of nova scotias film and television industry protest outside the legislature in halifax on wednesday, april 15. This amount is combined with the quarterly payments of the federal gsthst credit.

Nova scotia levies four business taxes that apply to companies with business activities in the province. Officials with screen nova scotia say 2014 was a banner year for their industry. The finance minister made it clear to us that, despite previous promises to maintain the program, changes are coming, marc almon, chairman of screen nova scotia, said in a statement tuesday after meeting with finance minister diana whalen to clarify the future. Nova scotias government has struck an agreement with members of the provinces film industry over the planned cuts to the film tax credit, the two sides announced thursday. If you have questions about your income tax return, go to taxes or call 18009598281 to get forms, go to forms and publications if you have specific questions about the equity tax credit, laboursponsored venture capital tax credit, or the volunteer firefighters and ground search and rescue tax credit, visit the nova scotia department of finance and treasury board. Political calculus and the film tax credit cut letters. Halifax members of nova scotias film industry say cuts to a tax credit will have a devastating effect on productions in the province. The television and film industry has been growing rapidly over the past two decades in nova scotia, but that growth could soon be halted if the province decides to cut the film tax credit in the. Must primarily be a film or video production business. The crowd protested the proposed cuts to the film tax credit. Whenever cuts need to be made, why are mp salaries never one of the suggestions. Ndp would reinstate nova scotia film tax credit, programs cut in 2015 the canadian press published friday, may 5, 2017 11. Nova scotia has one of the highest film tax credits in the country. The elimination of the nova scotia film and tax credit affects small businesses like rchmnd, amongst many others.

Ndp would reinstate nova scotia film tax credit, programs. Nova scotia film tax credit slashed by liberals by 75%. The nova scotia film industry tax credit fitc ended on june 30, 2015 for film and television production. This tax credit provides an incentive of up to 60% on labour associated with the project, including a labour bonus of 17. Nova scotia needs to attract and retain young workers and their families and the. Nova scotias tv and film industry worries about cut to. The money paid in tax by film industry workers in ns offsets what the government refunds in taxes to the film companies. Film tax credit cuts would hurt nova scotia, says industry.

Eligibility for the nova scotia film industry tax credit to be eligible for this credit, a corporate must satisfy all of the following requirements. The film industry tax credit is a refundable tax credit for costs directly related to the production of films in nova scotia. Look at the credits of any film and you just see the list its huge. Nova scotias film tax credit targeted for possible cuts.

In its spring budget, the provincial government announced thursday that the film industry tax credit will only cover 25 per cent of eligible costs, allowing film companies to claim the other 75 per cent of the credit against taxes they owe to the province. Those working in nova scotias film and television industry sounded the death knell for its future thursday after the provincial government cut a tax credit many say they rely on for their survival. New nova scotia film fund will go ahead despite objections. Loss of popular tax credit hurts nova scotia film industry youtube. Amid a fierce debate over the government of nova scotias decision to cut a popular film and television tax credit, a key justification for the. Film industry tax credit more money for the province as a whole as far as i. The nova scotia film tax credit a numbers game the. A controversial decision that was widely debated and protested. Nova scotia film industry tax credit slashed by liberal. This credit is ended for film and television productions that start principal photography after june 30, 2015. The television and film industry has been growing rapidly over the past two decades in nova scotia, but that growth could soon be halted if the province decides to cut the film tax credit. Budget 202021 is governments fifth consecutive balanced budget.