The B.C. government is offering the film and TV sector some generous tax breaks, in an effort to lure more production to Hollywood North.
In a preview of its 2025 budget, the David Eby government is announcing the Film Incentive BC (FIBC) tax credit will be bumped by one per cent – from the current 35 per cent – to 36 per cent, and the production services tax credit will increase from 28 per cent to 36 per cent for productions with principal photography starting Jan. 1, 2025.
The government is also offering bonuses, with any production with costs of more than $200 million to receive a two per cent tax break bonus.
The government said it also plans to restore an incentive for animation. It plans to reinstate regional and distant location tax credits for companies with studios outside of Metro Vancouver, the Fraser Valley and Whistler-Squamish.
"Our province is home to one of the busiest film and TV production centres in North America," Eby said in a press release. "But film production in B.C. has taken a big hit over the last few years, responding to significant impacts from the pandemic, multiple labour disruptions and changes to industry practices.
“We're boosting tax incentives - and our competitive advantage - to ensure that our province remains a destination of choice for filmmakers in Canada and around the world, employing skilled British Columbian crews."
The government release notes that Hollywood strikes in 2023 put a halt to film and TV production for more than six months.
The government cites Creative BC, which says more than 37,000 jobs in the province were supported by the motion-picture industry in 2022, compared to 26,000 in 2023.
The Surrey Board of Trade is welcoming the new tax breaks.
“These increased incentives solidify B.C’s position as a global leader in the creative industries,” said Surrey Board of Trade spokesman Jasroop Gosal. “This is a win for filmmakers and for businesses and workers across the province, including here in Surrey.”
