Interim Financing for Refundable Tax Credit for the Production of Sound Recordings

Financement intérimaire du crédit d’impôt remboursable pour la production d’enregistrements sonores

Funder

SODEC

Program Type

Production

Deadline

Rolling

Type of Aid

Loan guarantee

Financial Aid

75% of anticipated tax credit (must represent a sum greater than $10,000)

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) to cover a maximum of 75% of an expected refundable tax credit. SODEC will guarantee the lender 100% reimbursement of the loan balance as well as 100% of the accumulated interest and the recovery of disbursements, up to 15% of the loan balance on the date the loan is recalled.

Criteria

  • SODEC provides support to companies that have received a favourable preliminary decision regarding the refundable tax credit for the production of sound recordings
  • 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
  • Applicant companies must reimburse the lender at the earliest of the following dates:
  • Six months after the date of SODEC’s notification of disbursement, if the sound recording is not already complete

  • 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

  • Not applicable

Supporting Documents

  • Completed SOD@ccès online application form
  • Declaration form for the applicant company
  • Personal balance sheet
  • Master file, including:
  • Profile and history of the company

  • A description of activities and accomplishments

  • Copies of the governing documents, certificate of constitution, articles of incorporation, declaration of registration, certificate of amendment and partnership or shareholders agreement (if applicable)

  • Organizational structures for the applicant company and, if applicable, any affiliated companies, including shareholders

  • Curriculum vitae of the applicant company’s executives

  • Financial statements

  • Information on shareholders/directors