Filming put $78 million in wages into North Vancouver workers’ bank accounts in 2015 - one of the silver linings of the Canadian dollar falling into the tank.
The local movie industry is going gangbusters. That’s good news, as B.C. Finance Minister Mike de Jong recently acknowledged.
But as movie spending has increased, so has the provincial tax credit to the film industry.
Now the province is considering scaling back or capping its filming industry tax credits – expected to hit about $500 million this year. While we understand the concern, we’d urge caution before B.C. makes quick changes to a tax regime that’s helped build the local film industry.
The motion picture and animation industries employ tens of thousands of well-paid people. That’s a huge contribution to the economy.
Because most film projects come from the U.S., our currency will likely be a key driver for the local movie business. But reliability is also key. We’d hate to see the province tinker with the film tax credits with every up or downward motion in the dollar.
Unlike setting up a massive assembly plant or digging a new mine, film productions are transient and short lived by nature. They tend to go where their financial backers feel they’ll get their best return on investment.
We’d urge the government to talk to those in the film business before making changes and find a solution that benefits both the film business and the province over the long term.
That way, we can expect to see the bright lights of Hollywood North shining long into the future.
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