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Video Game Tax Credit is a government incentive that provides tax credits to companies producing eligible multimedia products, such as video games and interactive software. It aims to encourage innovation and development in the digital media sector by offsetting production costs, typically through provincial programs such as Tax Credit for the Production of Multimedia Titles in Quebec and Ontario Interactive Digital Media Tax Credit in Ontario. Other provinces in Canada also offer multimedia tax credits.
Funding
Video game tax credits typically fund a percentage of eligible labor and production costs, ranging from 17.5% to 40%, depending on the province and specific program, to support digital media development.
Eligibility
Eligibility for multimedia tax credits requires companies to develop interactive digital media products, with specific criteria for content, labor costs, and provincial registration or certification.
Application
The application process involves submitting project details, financial information, and labor costs to the relevant provincial authority, followed by certification and claiming the credit during tax filings.
Management
We support our clients throughout the claim process, from the request for certificates to the delivery of tax forms.
How Long Does It Take To Receive Funding?
The timeline for receiving video game tax credit funding in Canada can vary based on several factors, including the province, the completeness of the application, and the review process. Generally, it can take anywhere from a few months to over a year to receive the funding after submitting the claim.
Can I Use An External Consultant For Assistance?
Yes, you can use an external consultant to assist with Video Game Tax Credit application. Our consultants can help with the process due to the complexity of tax credit applications.
Can I Claim Both SR&ED Tax Credit and Video Game Tax Credit?
Yes. It is possible to claim SR&ED tax credit and Video Game tax credit. However, an analysis needs to be conducted to avoid any double-dipping risk. Proper planning, documentation, and adherence to program guidelines are key to ensuring that you can successfully claim both credits without duplicating expenses.
