Today, the provincial government delivered their Fall Economic Statement. Within the update were new rules around filing deadlines for the Ontario Interactive Digital Media Tax Credit.
The Ministry of Finance has announced that applications for certification for the Ontario Interactive Digital Media Tax Credit must now be made by the later of:
- The day that is 18 months after the end of the taxation year of the corporation in which the development of the eligible product is completed; and
- The day that is six months after November 14, 2016.
Interactive Ontario has worked diligently in collaboration with the Ministry of Finance and the Ministry of Tourism, Culture and Sport on continued improvements to the OIDMTC. We are pleased with this solution, as we believe it will preserve the OIDTMC for the intended recipients – bona fide IDM companies.
Core IDM companies are aware of OIDMTC and are more likely to comply in time versus looking to file unclaimed back-years dating back 4 to 10 years, as is the case with some outliers. It should also expedite the queue. The next bubble in the queue will be the projects that straddle the April 2015 budget date – following that, the OMDC will move reviewing solely 80/25 IDM submissions post April 2015 budget. This new regulation will reduce the volume of applications from outliers and allow for a more predictable flow of applications.
Interactive Ontario welcomes this change as a positive step for Ontario interactive digital media companies.