|Phasing Out Tax Credit Jeopardizes Saskatchewan’s Production Industry
OTTAWA, March 23, 2012--The Canadian Media Production Association (CMPA) is deeply concerned about the Government of Saskatchewan’s decision to phase out the Saskatchewan Film Employment Tax Credit (SFETC).
“Eliminating the SFETC without introducing an alternate incentive jeopardizes over 15 years of hard work to build the province’s independent production sector into an international success story,“says Norm Bolen, President and CEO, CMPA. “Globally recognized shows such as Corner Gas and Little Mosque on the Prairie not only showcase Saskatchewan to the world, they generate jobs and millions of dollars in tax revenues.”
Since the SFETC was first introduced in 1998, Saskatchewan producers have turned an annual $8 million investment into almost $700 million in economic return to the province. This, in turn, has leveraged millions more in public and private investment to productions, and helped create thousands of highly-skilled and high-paying jobs in the province.
The loss of the SFETC has a devastating trickle down effect on the industry’s ability to leverage millions of dollars in inward investment. It will also trigger an exodus of production activity to other jurisdictions, taking the thousands of jobs and millions of tax revenues generated by this industry along with it.
“We believe that the Saskatchewan film, television and digital media production sector plays a critical role in not only the Saskatchewan but the Canadian creative economy,” says Bolen. “Fiscal objectives for the province can be met without placing an entire industry at risk.”
About the CMPA
The CMPA represents the interests of screen-based media companies engaged in the production and distribution of English-language television programs, feature films, and digital media content in all regions of Canada. Our almost 400 member companies are significant employers of Canadian creative talent and assume the financial and creative risk of developing original content for Canadian and international audiences. Independent production companies generate a large majority of the $5.5 billion of production activity that occurs each year, and maintain 128,000 full time jobs.
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For further information, please contact:
Director, Communications & Media, CMPA
1.800.656.7440 Ext. 327