It is very likely that you have noticed film crews and movie sets all over Vancouver in the recent years. BC’s film production industry has been consistently growing, with the ability to morph into almost any city or town on the big screen.
The low Canadian dollar was the reason for motion picture expenditures to grow the amount they did, and top $2.6 billion for the 2017 fiscal year. This was our record-breaking amount which was 35% higher than that of 2015-2016.
The consistent growth of the film industry has allowed for more jobs and more career opportunities than ever before. This even includes working as an extra on-set of local productions, which almost anyone can sign up for.
In 2016 there were 297 productions which qualified for tax credits with that number quickly increasing to 338 in 2017, costing taxpayers $391 million (according to B.C.’s 2017 budget).
For example, an estimate from the Motion Picture Association of Canada reported that the CW show Arrow is worth $360 million to BC’s economy, greatly contributing to our production economy.
This increase in production has brought big-name stars to Vancouver such as Vancover-born Ryan Reynolds, and even Dwayne “The Rock” Johnson for a variety of Hollywood projects. During the filming of Deadpool, the 2-week traffic disruptions due to street and highway closures paid off, with the movie having spent over $40 million in Vancouver. This resulted in an estimate of $19 million in wages for about 2,000 workers.
Even through California’s booming film and TV production industry, it hasn’t stopped our city’s growing numbers in new TV pilots and local productions, with 6 new pilots just in 2017. Now with Langley’s new studio, boasting 150,000 square feet of production space, it has been an opportunity for even more growth in 2018.
Contact Hall & Company for film industry accounting by a professional with years of experience in simplifying the tax processes of local production companies.