Creative BC has updated its recommended timelines for submitting motion picture tax credit applications in response to the recent filing changes and queue volume.
Production Services Tax Credit
Applicants are encouraged to apply for an accredited certificate as soon as they have all required documents (see PSTC Application checklist), and principal photography or key animation has started. Creative BC strongly recommends that applications be submitted at least 9 months before the filing deadline to avoid the risk of losing tax credits.
Film Incentive BC
Applicants are encouraged to apply for an eligibility certificate and completion certificate as soon as they have all required documents (see FIBC Eligibility checklist, FIBC Completion checklist) and principal photography or key animation has started.
For an eligibility certificate, Creative BC strongly recommends applications be submitted at least 9 months before the filing deadline to avoid the risk of losing tax credits.
Applicants must apply to the certifying authority for a completion certificate promptly after the completion of the production. Creative BC strongly recommends applications be submitted at least 9 months before the program’s 30-month completion certificate deadline.
Claim with CRA
Please note the deadline to file a claim with the Canada Revenue Agency for either motion picture tax credit program is 36 months for tax years ending on or after August 17, 2024, or 18 months for taxation years beginning on or after February 19, 2020 and ending before August 17, 2024.
FIBC Requirement to File a Completion Certificate Eliminated for tax years that end on or after August 17, 2024. However, production corporations are still required to obtain a Completion certificate within the 30-month deadline to meet the program requirements.
Creative BC’s Service Standard
Creative BC continues to review applications on a first-come, first-served basis and maintains its service standard of processing applications to both motion picture tax credit programs within 120 days from the date a complete application is received, 90% of the time.
In case of any discrepancies between this post and the Income Tax Act (BC) and Regulation (the “Act”), the provisions of the Act prevail.