WHAT ARE THE GOALS?
While a number of different incentive programs exist, FICO will advocate for amendments to the OFTTC Regional Bonus system. Modeled after the British Columbia tax credit program, FICO will advocate for the existing Regional Bonus to be increased from 10% to 12.5%, and for the creation of a Distant Location Regional Bonus that will provide productions that film a pre-designated distance away from the GTA with an additional 6% bonus.
FICO will also advocate to amend to the OFFTC eligibility criteria and allow foreign projects that hire Ontario-based Service Production Companies to qualify.
The results of robust incentives are clear. According to the Vancouver Economic Commission, British Columbia is the third-highest production centre in North America, trailing only New York and Los Angeles and claiming $4.9 billion in revenue in 2022 (versus Ontario’s $3.14 billion). By looking towards British Columbia, Ontario can implement a more equitable regional tax credit system that will grow the film and television industry and generate economic impact for the whole province.
HOW WILL WE GET THERE?
FICO will use it’s network to advocate to groups like the Eastern and Western Wardens Caucuses, Ontario Big City Mayors, the Association of Municipalities of Ontario and the Rural Ontario Municipalities Association. We will ask each FICO participant to reach out to their local government and Member(s) of Provincial Parliament to build our coalition and ensure that each of our regions are fairly represented.
HOW TO JOIN
Become a part of FICO today! Reach out to Film London by way of Andrew Dodd at the London Economic Development Corporation to find out more. Email adodd@ledc.com
