Interim Financing for Refundable Tax Credit for Quebec Film and Television Production

Financement intérimaire du crédit d’impôt remboursable pour la production cinématographique et télévisuelle québécoise

Funder

SODEC

Program Type

Production

Deadline

Rolling

Type of Aid

Loan guarantee

Financial Aid

90% of anticipated credit

Description

This program is administered by SODEC in the form of a loan guarantee (in exceptional circumstances, it can also be offered as a direct loan) covering up to 90% of the anticipated refundable tax credit.

Criteria

  • SODEC provides support to companies that have received a favourable preliminary decision regarding the refundable tax credit for Quebec film and television production
  • The loan being guaranteed by SODEC must be equal to or greater than $10,000
  • This loan guarantee from SODEC cannot at any time be granted for a loan if the lender requires a certificate of deposit as security or any other negotiable value of the same kind
  • The lender must be a bank or a financial service cooperative
  • To receive this financing, the applicant company must, when accepting the loan guarantee offer from SODEC, pay the non-refundable fees of a minimum of 2% of the anticipated tax credit
  • In the case of a renewal of the loan guarantee, non-refundable fees of a minimum of 2% of the balance at the date of renewal are payable
  • Applicant companies must reimburse the lender at the earliest of the following dates:
  • The filing date of the tax return if there is, at that time, a compensation for the tax credit receivable that is made against the tax to be paid

  • The date by which the company is obliged to file its income tax return, if it has not already been filed

  • The date of reception of the notice of assessment taking into account the tax credit(s) to be received during a given fiscal year

  • The date tax credit reimbursement is received by the relevant authorities

  • The thirtieth day preceding the expiry date of the loan guarantee

  • The date by which SODEC must issue a refusal to grant its final certification

Eligible Expenses

  • The loan guarantee covers 100% of the capital balance of the loan, as well as 100% of accumulated interest and recovery disbursement up to a maximum of 15% of the capital balance at the maturity date of the loan