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Extend eligibility for the film and television tax credits to productions released exclusively online, as announced in the 2022 Budget; and, Introduce a screen credit requirement as announced in the 2022 Economic Outlook and Review. The FAQs and Guidelines will be updated in the coming weeks. What Is It?
- Ofttc Guidelines
1.01 What is the Ontario Film and Television Tax Credit...
- OAP Information
Film Commission ... we do require that companies submit...
- Tax Credit Statistics
Film Commission (opens new window) Investment Programs ......
- Greater Toronto Area
5 | | | | GREATER TORONTO AREA Lake Ontario Lake Simcoe Lake...
- Ofttc Guidelines
- 1 Ontario Creates Issues Certificates of Eligibility and Letters of Confirmation
- 2 How to Apply For The OFTTC
- 3 Application and Issuance Deadlines
- 5 Tax Credit Administration Fees
- 6 How Long Does The Process take?
- 7 Amendment Or Revocation of Certificates
- 8 Ontario Creates Contact Information
- 9 Canada Revenue Agency (CRA) Role
- 0 Filing of A Corporate Tax Return
- 1 CRA Payment of Tax Credit Refund
You can apply for a Certificate of Eligibility at any time during the production (from the start of principal photography or key animation) or after production activities have been completed. A Certificate issued before a production is completed can be filed with a tax return to claim an OFTTC for a taxation year. If the production spans more than ...
All tax credit applications and correspondence must be submitted via our Online Application Portal ("OAP"). Please ensure that your application includes all of the required information and supporting documentation (see Part 3 Required Documents), as only complete applications can be transmitted through the OAP. When you start an application on the ...
A. OFTTC Application Deadline
The applications for a Certificate of Eligibility and Letter of Confirmation must be submitted to Ontario Creates within 24 months from the end of the corporation’s taxation year in which principal photography began. The Certificate of Eligibility and the Letter of Confirmation must be issued by Ontario Creates within six months of the application deadline, or no later than 30 months from the corporation’s first taxation year end following the commencement of principal photography.
B. OFTTC Application Deadline Extension, with Waiver
If the 24-month application deadline cannot be met, it may be extended by 18 months if the corporation files a valid Waiver in Respect of the Normal Reassessment Period (CRA form T2029 is available here) with the CRA within its normal reassessment period. The completed Waiver should be sent to one of three CRA tax centres (mailing addresses are available here). If the corporation’s income tax return(s) for the relevant taxation year(s) have not yet been assessed, a valid form T2029 Waiver can...
A non-refundable administration fee is charged with respect to each OFTTC application submitted to Ontario Creates and is used to offset operating costs of the program. Please note that the administration fee is required in order for the application to receive an Eligibility Review.
Ontario Creates Tax Credits Department will only review complete applications on a first-come, first-served basis. Processing time will depend on the volume of applications received. If you file an incomplete application, you will be notified about deficiencies with the filing. Where significant delays are encountered in obtaining responses from ap...
A Certificate of Eligibility may be amended to correct an error and under certain circumstances may be revoked by Ontario Creates. An amended Certificate of Eligibility replaces any Certificate of Eligibility previously issued for the production. There is a fee of $100 for each amended Certificate of Eligibility. If a Certificate of Eligibility is ...
Questions? Not sure of eligibility? Many questions are answered in our Frequently Asked Questions (FAQ). For further assistance, please contact taxcredits@ontariocreates.ca(preferred), or the Phone Duty line 416 642 6659. Please leave a detailed message including your name, company name, phone number and which tax credit or file you are inquiring a...
The Canada Revenue Agency administers both Federal and Ontario corporate taxes. CRA is responsible for the review or audit of the T2 Corporation Income Tax Return (T2 return), along with the Schedule T2SCH556 which must be filed by the qualifying corporation in order to claim the OFTTC. The CRA also processes T2 tax returns and issues Notices of As...
A corporation must file its T2 return for a taxation year with the CRA within six (6) months after the end of the corporation’s taxation year. To claim the OFTTC, a qualifying corporation must file its T2 return with Schedule T2SCH556 and the Certificate of Eligibility or the Letter of Confirmation with the CRA. You can submit your Certificate of E...
Following its review or audit of the OFTTC claim, the CRA processes the T2 return and issues a Notice of Assessment and, if applicable, a refund. If the qualifying corporation is owed a tax refund (which may include an OFTTC) for the taxation year, a cheque or direct deposit may be issued by the CRA. The amount of refund may be reduced by any of th...
The Ontario film and television tax credit is a refundable tax credit based on the qualifying labour expenditures incurred by a qualifying production company for eligible Ontario productions. The corporation must be Canadian controlled.
Film or video production or series must meet a prescribed cost minimum and be an eligible genre. The Canadian Film or Video Production Tax Credit (CPTC) is a refundable corporate tax credit calculated at 25% of qualified Canadian labour expenditures for businesses that produce Canadian content.
Nov 5, 2020 · To be eligible for the Ontario Film and Television Tax Credit, companies must file an application with Ontario Creates for a certificate of completion within 24 months of the year end in which principal photography begins.
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The Ontario production services tax credit is a refundable tax credit based on qualifying production expenditures incurred for eligible film or television productions by a qualifying corporation in a tax year.
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“Ontario-based individual” means, in relation to an eligible Ontario production, an individual who, by reason of being an individual described in clause 2 (a) of the Income Tax Act, is subject to tax under section 2 of that Act for the year preceding the year in which principal photography for the production commences;
