Make the most of Digital Media Tax Credits

Recently, Canadian provincial government authorities happen to be supporting development in the electronic media space by supplying very attractive refundable tax credits to being approved companies. Digital media incentive programs support the introduction of Canadian multimedia items, and also have been growing in scope and size. These programs happen to be growing both in scope and size, because of the continuing have to create high-tech employment in Canada.

Right now, probably the most lucrative government incentive program may be the Scientific Research and Experimental Development (SR&Erectile dysfunction) program provided by the Canadian authorities. The SR&Erectile dysfunction program is given through the Canada Revenue Agency (CRA) and provided $3.5 billion this year to Canadian companies by means of refundable and non-refundable tax credits. The objective of the SR&Erectile dysfunction program would be to promote research and growth and development of technology in Canada.

A business that’s active in the development of multi-media digital media creation (for example interactive websites, movies, film, gambling, digital effects) may potentially qualify for the SR&Erectile dysfunction program, as well as other provincially-given digital media business incentive programs. Whereas the SR&Erectile dysfunction program concentrates on the introduction of technology, digital media programs concentrate on the growth and development of multimedia elements. For smaller businesses, tax credits from both SR&Erectile dysfunction and digital media programs are frequently both refundable, meaning the refund is going to be received by means of an inspection. This might potentially create substantial cashflows which may be used to fund the in-house development or development of the organization!

In Ontario, for instance, the provincial government (with the Ontario Media Development Corporation- OMDC) supervises the Ontario Interactive Digital Media Tax Credit (OIDMTC), and also the Ontario Cartoon and Effects (OCASE) Tax Credit. OCASE provides up to and including 20{02e736b9843445864b0cefaf5cb5b8f95c158ac9e664a0787d3aa0cba41fd15f} refundable tax credit for cartoon and effects activities, whereas OIDMTC provides up to and including 40{02e736b9843445864b0cefaf5cb5b8f95c158ac9e664a0787d3aa0cba41fd15f} refundable tax credit for qualified Ontario work costs associated with the introduction of interactive multi-media items.

By 2012, digital media tax incentive programs also appear in Quebec, Bc, Manitoba, Saskatchewan, Quebec, and Prince Edward Island. These programs with each other cover a huge variety of projects including, although not restricted to effects, digital animation, multi-media production, film development, and gaming development. If your small business is associated with, or is going to be trading in digital gaming, electronic media, or producing multimedia content, make sure that you fully make the most of all government incentives possible.