Canadian media organizations should review new changes to the Canadian Journalism Labour Tax Credit
Canadian media organizations should review new changes to the Canadian Journalism Labour Tax Credit as certain eligibility criteria have been relaxed. Finance announced additional modifications and clarifications to the 25% credit that were released as draft legislative proposals on April 20, 2020. These changes, which apply retroactively to January 1, 2019, update the eligibility requirements, allow active partners of an eligible partnership to claim this credit, prorate the credit where an organization only qualifies for part of a taxation year and allow organizations that receive funding from Aid to Publishers to qualify, among other considerations. Finance has also revised the Digital News Subscription Tax Credit so that, among other requirements, organizations will now have to inform subscribers about subscriptions that no longer qualify for this credit for subscribers.
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