Interactive Digital Media Tax Credit Extended

Amendments have been made to the Interactive Digital Media Tax Credit Regulations to extend the credit to December 31, 2024.

Companies developing an interactive digital media product in Newfoundland and Labrador may receive a 40 percent tax credit on qualifying expenditures, which consist of eligible salaries plus 65 percent of eligible remuneration. The credit value is limited to $40,000 per eligible employee per year and $2 million per company, or group of associated companies, in respect to all taxation years ending in a calendar year.

A tax credit certificate may only be issued with respect to eligible salaries and eligible remuneration incurred by an eligible corporation after December 31, 2014 and before January 1, 2025. The eligible corporation must apply for a tax credit within 18 months of the end of the taxation year.