Ontario’s film and television industry contributed $946.4 million to the provincial economy in 2009 – up by 41 per cent over 2008.
Ontario held its competitive edge, marking a return to production levels not seen since 2002 – despite the continued strength of the Canadian dollar, aggressive competition from other jurisdictions and a global economic crisis.
Increases were seen in all genres — foreign and domestic — compared to 2008. Ontario’s strong domestic film and television sector continued to experience growth in 2009. The increase in foreign productions was in part attributed to the Ontario Government’s enhancements to the Ontario Production Services Tax Credit (OPSTC) announced on June 30, 2009. The OPSTC was expanded from 25 per cent of eligible labour to include all eligible Ontario production costs.
An upcoming film taking advantage of the Ontario tax credit is Red, a spy-thriller starring Bruce Willis, Morgan Freeman and Helen Mirren shooting in Toronto over the next few weeks.
The entire entertainment and creative cluster in Ontario produces $15 billion in revenue and over 200,000 jobs, contributing $12.7 billion to the province’s GDP.