The Standing Committee on Finance and Economic Affairs (SCFEA) recently held sector-by-sector hearings on the impact of COVID-19 and recommendations for economic recovery. Interactive Ontario’s hearing presentation focussed on the importance of modernizing the OIDMTC in order to recover from the COVID-19 crisis, remain competitive, and stimulate growth.
Mary Sorrenti (VP, Game Pill & VRGEN), Jonathan Stanton-Humphreys (CEO, Hitgrab Game Labs), Joel Burgess (Studio Director, Capybara Games) and Lucie Lalumière (President, Interactive Ontario) were part of the IO deputation. The content of their verbal presentation is laid out in the written submission submitted to SCFEA
Since IO’s deputation focussed on OIDMTC, Vikas Gupta (CEO, AVARA Media) agreed to appear before SCFEA and concentrate on financing IDM companies as per the recommendations of the IDM Council and IO’s advocacy priorities. The financing theme, as well as improving OIDMTC, was further emphasized by deputations from Uken Games and Insert Coin/Apocalypse Studios.
IO’s advocacy priority at the provincial level will remain improving OIDMTC — service standard, labour threshold lowered further to $50K for annual filing, compatibility of OIDMTC with SR&ED, eligibility of new Ontario residents (changing the residency requirement)