TORONTO – In its annual budget released Thursday afternoon, the Ontario government committed to invest $315 million over the next five years on “shovel-ready” projects to expand “broadband and cellular connectivity” in underserved regions of the province.
“Ontario’s investment efforts will benefit from investment commitments by other levels of government and leadership from the private sector to maximize the impact of provincial investments. The Province will provide more details as part of its Broadband and Cellular Strategy, which will be released later this year,” reads the budget document.
The government also noted the high value TV and film add to the province’s economy ($3 billion in production spending in 2016-17, 50,000+ jobs) and highlighted Netflix’s recent announcement to expand its production capabilities here. As well, there will soon be a committee established to advise the government about the ever-changing video business.
“To ensure that the government is well‐informed about this important industry, the province will establish a Ministers’ Film and Television Advisory Panel. Reporting to the Minister of Tourism, Culture and Sport and the Minister of Finance, the panel will provide evidence and advice on industry trends, challenges and opportunities to grow high‐value film and television production in Ontario and maximize benefits for the province. Further details regarding the Panel will be announced soon,” reads the budget.
Also, the province says it wants to eliminate some of the red tape when it comes to production companies accessing the tax credits available to them.
Ontario offers five refundable cultural media tax credits. They are: The Ontario Film and Television Tax Credit; The Ontario Production Services Tax Credit; The Ontario Computer Animation and Special Effects Tax Credit; The Ontario Interactive Digital Media Tax Credit; and The Ontario Book Publishing Tax Credit.
“Given the industry growth in recent years, tax credit applications to Ontario Creates have increased. The backlog of tax credit applications to the agency has resulted in long wait times for tax credit certification, with some applications taking 19 months or longer for certification,” reads the budget.
“The government will review the cultural media tax credit certification process to streamline administration, reduce the tax credit application backlog and help companies receive their tax credits faster.”
The budget also promised the provincial government will review the Ontario Music Fund, working with Ontario Creates “to modernize the Ontario Music Fund to focus on activities that bring the biggest return to the province, and refocus its investments into emerging talent to create opportunities to achieve success.”
