Each producer tries to think of everything to respect budgets and deadlines when they prepare their documentary. And it is particularly troublesome to have difficulties at the end a project. You will find below a list of recommendations from BDO that will allow you to make sure you thought of everything.

 

•        File tax returns of the production company within the deadlines or within 18 months following year-end.

•        Pay as many costs as possible before submitting the tax returns of the production company, including accounts payable and accrued liabilities.

•       Claim the provincial tax credit for labor costs paid to foreign individuals that are not incorporated and claim provincial labor costs for post-production paid to broadcasters.

•        Consider the provincial tax rate for certain productions that are not receiving government financial assistance and the new increase determined by public financial assistance.

•        Claim the federal tax credit for meal expenses paid to salaried employees in remote areas.

•        Within 90 days from the date of the notice of assessment, challenge the decision in case of a disagreement with fiscal authorities.

•        Adequately amortize productions by taking into account net distribution revenues to calculate the tax amortization.

•        Attach the previous SODEC decision and file the request before the year-end of the production company.

•        Request the final certifications under the timelines prescribed.

•        Send the waiver in respect of the normal reassessment to the Canada Revenue Agency if there is a delay for obtaining part B.

•        Sign a contract with a broadcaster or a distributor to be eligible for tax credits for film production.

•        Consider using the tax credit for film production services.

•        Keep control of the production company through a taxable entity or Canadians/Quebecers.

•        Consider claiming the provincial tax credit for virtual reality.

•        Contemplate crowdfunding to complete the financial structure.

•        Ask subcontractors to include on the invoice spendings reinvoiced to production rather than preparing an expenditure statement as if they were salaried employees.