Canada's Vérité Films to Exit Saskatchewan as Refundable Tax Credit Vanishes
The indie producer is shifting its headquarters from Regina to Toronto as the Canadian province ends its existing production incentive for local film and TV shoots.
TORONTO – Indie producer Vérité Films has joined the exodus of local talent out of Saskatchewan after the frugal Canadian province said it will end its refundable film tax credit from July 1.
The producer of local TV comedies like Corner Gas and Insecurity is shifting its headquarters from Regina to Toronto, the country's biggest production center.
“Regina will always be in our hearts. We’ve raised three kids, built our home and our company here. But there is no longer a viable way to finance our projects in Saskatchewan,” Virginia Thompson, president of Vérité Films, said Wednesday.
Rival local producer Partners in Motion earlier said it will relocate its Regina headquarters, likely to Vancouver or Toronto, as the province axes its refundable tax breaks for local film and TV shoots, effective June 30.
Vérité will maintain a satellite office in Regina, with one production executive, should the province one day bow to producer demands and restore its current film tax credit.
“Our future is in Toronto now, where our projects can be financed,” Thompson added.
Saskatchewan is replacing the refundable tax credit with a non-refundable tax incentive that local producers consider unworkable.