Montreal International Documentary Festival

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22 February 2018 DCM

Producers, have you considered everything?

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.

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