B.C. steps up film tax credit
EmptyVANCOUVER -- British Columbia is hiking tax credits for foreign and domestic producers in a bid to match recent changes in Ontario and Quebec, the provincial government said Friday.
The basic tax credit for U.S. and other foreign producers will jump to 25%, from 18%, for location shoots in British Columbia taking place between Dec. 31, 2007 and Jan. 1, 2010.
The domestic tax credit for made-in-B.C. productions will rise to 35% from 30%.
The tax-credit hikes aim to support an industry threatened by the strong Canadian dollar and continued popularity of reality-based television.
B.C. finance minister Carole Taylor in a statement said the tax credit hikes were urged on the province by the local industry.
"Last year, we consulted extensively with the industry, and they told us that our tax credit program plays an important part in making British Columbia a world-class destination for film and television production," she said.
Taylor added that British Columbia needs to keep pace with "recent changes in other jurisdictions."
Ontario and Quebec earlier raised their own tax credits to woo foreign producers back to Canada after projects began shifting to the southern U.S. states and other foreign locales in search of lower production costs and more generous tax rebates and other incentives.