Canadian Magazine Industry News
23 March 2011,     OTTAWA
Canada Periodical Fund to stay at $75 million: new federal budget
The new federal budget introduced yesterday—which is likely to trigger an election—had some good news for magazine publishers: the base funding for the Aid to Publishers program of the Canada Periodical Fund has been confirmed at $75 million.

There was a risk the fund would decrease by $15 million, the amount equal to a contribution formerly made by Canada Post to the old postal subsidy program, which has now expired.

When Canada Post pulled its contribution two years ago, the Department of Canadian Heritage agreed to replace that amount, but only for a two-year period. Yesterday's budget announcement makes the $15 million a permanent part of the base funding.

"The Canadian magazine industry is delighted with the Federal budget commitment to the Canada Periodical Fund," said Magazines Canada CEO Mark Jamison in a release. "The CPF will remain strong and intact. By adding the $15 million as ongoing funding to the base fund, Minister Moore, Minister Flaherty and the Government of Canada have clearly stated their support for the creation and delivery of Canadian content for Canadians. We look forward to seeing this budget supported in the House."

With a federal election looming, there's a chance the government could fall. But a DCH spokesperson says "we would still go ahead with our program." The application deadline for grants under the Aid to Publishers program was last November, and publishers are now waiting to see whether they will be approved for grants, and for how much.

Approval notifications and payments are expected sometime over the summer. DCH won't commit to specific dates, partly because of uncertainty over the election. "We are aiming to have funds go out over the same period as last year," said the spokesperson.

The Aid to Publishers program replaces the old postal subsidy program (Publications Assistance Program) and the Support for Editorial Content program of the former Canada Magazine Fund. Click here for history, or use the Masthead search engine to search for previous stories on the Canada Periodical Fund.

The CPF is scheduled to come up for regular review in 2015.

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Wow, Torstar really seems to be on a mission to bankrupt one magazine after another....
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