Canuck film funding agency Telefilm Canada announced Friday a private fund to finance homegrown filmmaking.
Local companies who donate to the fund will receive either tax deductions or credits. The fund will have two streams — one for promising young filmmakers and another to help established filmmakers reach their potential in Canada and abroad.
The Canadian Chamber of Commerce is one of the supporters of the project.
“The consultations we held over the last year revealed that there is a real need for this new fund,” Telefilm executive director Carolle Brabant said at the Prime Time industry conference in Ottawa.
Telefilm, which estimates the fund will be endowed with an annual budget of around $5 million, will administer the coin. It calculates management expenses will be less than 5%. The fund comes into effect immediately.
Brabant also announced a pilot program to produce and market micro-budget features using innovative production techniques to reach auds over different media platforms. This program is for a new generation of shorts filmmakers who are ready to make the move to features.
This program will have an annual budget of $1 million and Telefilm will back between eight and 10 films annually. Each project will receive between $100,000 and $120,000 from Telefilm, and the maximum budget for each of the films will be $250,000. The Telefilm coin will allow producers to leverage this to find other investors, said Brabant.