The budget, which includes two significant improvements to existing tax credits, should serve to make Ontario a much more attractive province for new and existing game developers.
Speaking enthusiastically at the tax credit boost, Ian Kelso, President & CEO of Interactive Ontario remarks:
“This budget can leave no doubt that Ontario is very serious about its digital future. It is a tremendous boost to our competitive edge, and I have no doubt the world will take notice.”The budget proposes to increase the Ontario Interactive Digital Media Tax Credit (OIDMTC) to 40% of qualifying expenditures for video game companies that develop and market their own products. Previously, this tax credit was 30% of qualifying expenditures. Overall, IO says that the budget is proposing about $100 million annually in additional tax relief.
Given that the Quebec government has introduced generous tax credits to great success, it's encouraging to see Ontario's already lofty tax credits growing in magnitude.
Now if only the BC government would stop being so stubborn and follow suit.