Newfoundland and Labrador filed regulations to implement the All Spend Film and Video Production Tax Credit on April 20, 2023. This measure provides a refundable tax credit of 40% on eligible production costs, up to a maximum credit of $10 million annually per eligible production. The credit was first announced in the province’s 2022 budget on April 7, 2022 and enhanced in the province’s 2023 budget delivered on March 23, 2023. The credit is effective on a retroactive basis to April 7, 2022.

Note that the regulations include a framework for the credit, which requires eligible corporations to register an eligible production and receive a tax credit certificate from Newfoundland and Labrador Finance, in order for the credit to be claimed. In addition, the regulations do not apply to productions that are already registered as an eligible project under the Film and Video Industry Tax Credit. An amendment to the Film and Video Industry Tax Credit Regulations was also filed on April 20, 2023, to provide that such regulations do not apply to eligible productions registered under the All Spend Film and Video Production Tax Credit.

For more information, contact your KPMG adviser.

Information is current to May 8, 2023. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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