Ontario book publishing tax credit

We have archived this page and will not be updating it. Tax breaks and credits economic development office. If yes, you may be eligible for a refund on the tax you have paid. Complete a separate schedule 564 for each eligible literary work.

The ontario book publishing tax credit obptc is a refundable tax credit to eligible ontario based canadian corporations of 30% of eligible expenditures for eligible literary works created in ontario. The ontario interactive digital media tax credit is a refundable tax credit based on qualifying expenditures incurred for eligible products and eligible digital games by a qualifying. Is the above identified book eligible for a book publishing tax credit in ontario, british columbia, quebec or manitoba. An ontario sound recording tax credit under section 94 of the ta. Ontario breast cancer information exchange partnership. First, it is a nod of approval from the government to all those. Ontario book publishing companies are receiving some support in the form of the ontario book publishing tax credit obptc. The mercury press is funded by contributions from the canadian council for the arts, the ontario arts council, the ontario media development corporations book fund, and the ontario book. The ontario seniors public transit tax credit means two things for ontario residents over the age of 65. Ontario book publishing tax credit 2009 and later tax years. We are political publishers in that our books acknowledge, confront and contest intersecting forms of oppression and exploitation. Small businesses tax credits in ontario quickbooks canada. Ontario book publishing tax credit claim pdf 666 kb form number. Ontario book publishing tax credit ontario computer animation and.

Ontario book publishing tax credit for small businesses. Cooperative education tax credit ministry of finance. The cultural media tax credits are jointly administered by the canada revenue agency and ontario creates. Ontario credits, benefits and incentives all ontario. The ontario book publishing tax credit obptc is a refundable tax credit to eligible ontariobased canadian corporations of 30% of eligible expenditures for. Mar 26, 2009 an ontario production services tax credit under section 92 of the ta. Most credits and incentives provide tax relief by reducing or eliminating the total tax payable for corporations, individuals and unincorporated business. Archived t2sch564 ontario book publishing tax credit. If you own a book publishing business in ontario, you may be eligible for the ontario. We also acknowledge the financial support of the government of. For more information, see the bulletin book publishing tax credit cit 008 pdf.

Im new on book publishing and publishing on amazon. Digital dialogue is an annual crosssectoral conference hosted by ontario creates. Dec, 2011 ontario book publishing companies are receiving some support in the form of the ontario book publishing tax credit obptc. A number of tax credits and incentives are available to businesses in ontario to help. Our work is made possible with the support of the ontario media development corporation. The obptc is calculated as 30% of the eligible ontario expenditures incurred by a qualifying corporation with respect to eligible.

To claim the cost of textbooks, you will need the tax certificate that your educational institution sends you. Look at provincial book publishing credits for publishers in british columbia, quebec, prince edward island, manitoba, and ontario. An ontario production services tax credit under section 92 of the ta. An ontario interactive digital media tax credit under section 93 of the ta. This refundable tax credit helps to offset the costs of printing and marketing books as well as prepress expenses. Paying uk income tax on book royalties uk authors self. The obptc is a refundable tax credit that is equal to 30% of the qualifying expenditures incurred during a tax year by an ontario book publishing company. The trillium book award was established to recognize excellence. Here are 5 tips for finding canadian grants if youre looking for one to start or expand your small business. The ontario book publishers organization obpo was incorporated in 1990 and has a current membership of 46 ontariobased canadianowned book publishers. T2sch564 ontario book publishing tax credit t2sch568 ontario business research institute tax credit t2sch569 ontario businessresearch institute tax credit contract information. We acknowledge for their financial support of our publishing program the government of canada through the canada book fund, the canada council for the arts, the manitoba book publishing tax credit. Ontario book publishing tax credit research and industry information trillium book award.

Ontarios film and tv investments supported more than 35,000. Fernwood publishing and our literary imprint, roseway, publish critical books that inform, enlighten and challenge. Learn more the trillium book award was established to recognize excellence, support marketing and foster increased public awareness of the quality and diversity of ontario authors and their works. The mercury press is funded by contributions from the canadian council for the arts, the ontario arts council, the ontario media development corporations book fund, and the ontario book publishing tax credit program. Is the above identified book eligible for a book publishing tax credit in ontario, british. The lower rate for corporation income tax in prince edward. It also receives funding from the government of canada through the department of canadian heritages book publishing industry. We gratefully acknowledge assistance for our publishing activities from the ontario arts council, the government of ontario through the ontario book publishers tax credit program and through the ontario book initiative, and the government of canada. T2sch560 ontario interactive digital media tax credit 2009 and later tax years t2sch562 ontario sound recording tax credit 2009 and later tax years t2sch564 ontario book publishing tax credit 2009 and later tax years t2sch566 ontario innovation tax credit 2010 and later tax years. Province of manitoba finance corporate tax credits. We acknowledge the support of the canada council for the arts and the ontario arts council for our publishing program.

If you make computer animation or special effects, you can qualify for an 18% tax credit for eligible labour expenses, including paying employees and hiring freelancers. You receive a base amount of support for publishers contributions under the federal canada book. Through this tax incentive program, book publishers are able to receive tax credits on expenditures throughout their operations, from prepress to digital and paper publications to marketing expenses. Book publishing tax credit province of british columbia. Ontario book publishing tax credit how is ontario book. Claiming provincial tax credits for book publishing. Ontario interactive digital media tax credit canada. Claiming provincial tax credits for book publishing businesses. Use this schedule to claim an ontario book publishing tax credit obptc under section 95 of the taxation act, 2007 ontario. Ontario provides a variety of credits, benefits and incentives to encourage economic growth and job creation, to assist ontario residents with low to moderate incomes, and to support greener ontario. T2sch564 ontario book publishing tax credit canada. Trillium award finalists reflect ontarios diverse authors. The ontario book publishing tax credit obptc is a refundable tax credit, based upon eligible ontario prepress, printing and marketing expenditures incurred by a qualifying corporation with respect to eligible book publishing activities, as well as expenses related to publishing an electronic or digital version of an eligible literary work. I understand that the printer will be relying on this declaration for its manitoba cultural industries printing tax credit.

The ontario film commission will help you take projects from script to screen, including 3d animation projects. Reasons to incorporate your business the balance small. The ontario media development corporation omdc assesses and certifies company and product eligibility for the cultural media tax credits. As platforms and content continue to change and compete with one another, discussions focused on ways to reach audiences, engage and persuade them to stay, within an. At first a small publisher of canadian nonfiction with only five employees, the. You can apply for a refundable tax credit for 30% of expenditures incurred by. At digital dialogue 2016, panelists and speakers explored ways to succeed in the digital world. Which section of your tax return depends on the type of business. Nov 12, 2009 the 8% ontario sales tax and the 5% gst were combined into a single % valueadded sales tax that is federally administered, effective july 1, 2010. I published my first and currently, only book last year. The ontario interactive digital media tax credit oidmtc is a refundable tax credit of up to 40% of eligible ontario expenditures for interactive digital media products created in ontario.

A book eligible for a book publishing tax credit must be a qualifying book which is published before 2025. Is the cost of publishing the book recovered from any other source except book sales. They must devote at least half of their taxable income to the province and publish at least two books. Your canadiancontrolled corporation is carrying on business primarily through a permanent establishment in b. We also acknowledge the financial support of the government of canada through the canada book fund and livres canada books, and the government of ontario through the ontario book publishing tax credit and the ontario. If you are a sole proprietor most self publishers just starting out are sole proprietors, youll list your income and expenses on schedule c of your form 1040. An ontario innovation tax credit under section 96 of the ta. For example, when your ontario based small business spends money on activities that involve computer animation and special effects, you may be able to claim as much as 20% of your expenses through the ontario computer animation and special effects tax credit. Consumers now have to pay % hst on all goods and services on which they previously paid 5% gst, except for several items which were previously rst exempt and are not subject to the provincial. A qualifying book is a new, nonperiodical publication that is canadianauthored and is categorized as fiction, nonfiction, poetry, biography or childrens. For best results, download and open this form in adobe reader. Ontario book publishing tax credit listed as obptc.

Eligible book publishers may receive a credit of up to 90% of the base amount of support for publishers. Ontario provides a variety of credits, benefits and incentives to encourage economic growth and job creation, to assist ontario residents with low to moderate incomes, and to support greener. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. Credits, benefits and incentives for businesses ontario.

To qualify, businesses must be canadiancontrolled corporations permanently established in ontario. The ontario book publishing tax credit is a refundable tax credit of 30% on the qualifying expenditures incurred during a tax year for an eligible literary work. Onben application for the 2014 ontario trillium benefit and the ontario senior homeowners property tax grant cra form onben. What selfpublished authors need to know about taxes. Ontario creates is responsible for certifying company and product eligibility for ontarios cultural media tax credits. The ontario book publishing tax credit obptc is a refundable tax credit, based upon eligible ontario prepress, printing and marketing expenditures incurred by a qualifying corporation with. The ontario book publishing tax credit obptc is a refundable tax credit to eligible ontariobased canadian corporations of 30% of eligible expenditures for eligible literary works created. You receive a base amount of support for publishers contributions under the federal canada book fund before april 1, 2019. Ontario energy and property tax credit replaced by otb the ontario 2010 budget proposed to convert the property tax credit to the energy and property tax credit, which would be paid quarterly like the sales tax credit, beginning in 2011, based on 2010 tax returns. The ontario book publishing tax credit is a refundable tax credit of 30% on the qualifying expenditures incurred during a tax year for an eligible literary work, by an ontario book. For the ontario interactive digital media tax credit, the government proposes to reduce the. Use this form to claim an ontario book publishing tax credit obptc.

Your clients claim this credit against preproduction, printing, and labour expenses related to publishing books, comic strips, and poetry collections. For example, when your ontariobased small business spends money on activities that involve computer animation and special effects, you may be able to claim as much as 20% of your. How to calculate corporate taxable income in canada. The credit is available for any number of literary. Ontario computer animation and special effects tax credit. We acknowledge for their financial support of our publishing program the government of canada through the canada book fund, the canada council for the arts, the manitoba book publishing. Ontario book publishing tax credit ontario creates.