TORONTO – Ontario is delaying tax credit cuts for some film producers after the industry complained the changes would hurt productions that are already underway.
The budget, likely to be passed soon, contains cuts to the Ontario Production Services Tax Credit and the Ontario Computer Animation and Special Effects Tax Credit.
Members of the film industry told a legislative committee last week that they would lose money – one company estimated half a million dollars – if the cuts were not grandfathered in for existing productions.
The film producers said the immediate nature of the cuts would not only hurt Ontario’s reputation and competitiveness in the industry for foreign productions, but it would also harm domestic projects.
Culture Minister Michael Coteau says in a statement today that the budget bill will be amended to provide a “transition period to ensure that producers who made a significant commitment to Ontario before the introduction of the budget would receive the tax credit rates they expected.”
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