Canadian Magazine Industry News
5 May 2015,     TORONTO
Magazines Canada secures government funding for Ontario magazines
In February, Magazines Canada learned that the Ontario Interactive Digital Media Tax Credit (OIDMTC) would be revised due to provincial fiscal challenges. Foreseeing the potential impact these cuts could have to Ontario’s magazines, Magazines Canada searched for alternatives to present to the government and came up with two potential solutions—which the government responded too.

Magazines Canada recommended two options. Option 1 was to revise the existing tax credit to achieve the efficiency demanded by government while retaining a magazine eligibility. Option 2 was to redesign and increase investment in OMDC funding programs.
The province has responded by investing $6 million in 2015–16 and $10 million per year starting in 2016–17 in a renewed Interactive Digital Media (IDM) Fund to help support some co-production opportunities and activities that would not be eligible for the OIDMTC after the proposed changes.

Through the redesign, Ontario has broadened the IDM fund's scope to include Ontario's magazines. At the same time, the existing OMDC magazine fund remains in place.

"The Ontario Government has recognized the value of Ontario's magazine media as a contributor to the development of smart jobs in a digital economy," said Mark Jamison, Magazine Canada CEO. "Magazines Canada and its members will encourage other provinces to study this initiative."

Officials from the Ontario Ministry of Tourism Culture and Sports and OMDC will work with Magazines Canada on the fund details.
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Jaded says:
Wow, Torstar really seems to be on a mission to bankrupt one magazine after another....
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Full of terrific information, Thanks!...
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