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Canada: Expanded tax credit for news media

Canada: Expanded tax credit for news media

Canadian media organizations need to review changes to the Canadian “journalism labour tax credit,” given that certain eligibility criteria have been relaxed.

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Canada’s Department of Finance announced additional modifications and clarifications (released as draft legislative proposals on 20 April 2020) to the 25% labour credit. These changes, which apply retroactively to 1 January 2019:

  • Update the eligibility requirements
  • Allow active partners of an eligible partnership to claim this credit
  • Prorate the credit when an organization only qualifies for part of a tax year
  • Allow organizations that receive funding from “Aid to Publishers” to qualify, among other considerations

Finance 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.

Read an April 2020 report prepared by the KPMG member firm in Canada

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