Canada: Regulations filed to implement film and video production tax credit (Newfoundland and Labrador)
Refundable tax credit of 40% on eligible production costs
Newfoundland and Labrador
Newfoundland and Labrador on 20 April 2023 filed regulations to implement the “All Spend Film and Video Production Tax Credit” that provides a refundable tax credit of 40% on eligible production costs, up to a maximum credit of $10 million* annually per eligible production.
The credit was first announced in the province’s 2022 budget on 7 April 2022 and enhanced in the province’s 2023 budget delivered on 23 March 2023. The credit is effective on a retroactive basis to 7 April 2022.
The regulations include a framework for the credit, which requires eligible corporations to register an eligible production and receive a tax credit certificate from Newfoundland and Labrador Finance in order for the credit to be claimed.
In addition, the regulations do not apply to productions that are already registered as an eligible project under the “Film and Video Industry Tax Credit.” An amendment to the “Film and Video Industry Tax Credit Regulations” was also filed on 20 April 2023 to provide that such regulations do not apply to eligible productions registered under the All Spend Film and Video Production Tax Credit.
Read a May 2023 report prepared by the KPMG member firm in Canada
*$ = Canadian dollar
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