Ontario Sound Recording Tax Credit
The Ontario Sound Recording Tax Credit (OSRTC) is a refundable tax credit based on eligible production and marketing costs incurred on an eligible Canadian sound recording after January 1, 1999 by a qualifying corporation.
The Benefit
The OSRTC is a 20% refundable tax credit for certain expenditures incurred by a qualifying corporation in the production of eligible Canadian sound recordings by emerging Canadian artists or groups.
Eligilbilty
The corporation must be Canadian-controlled and have carried on a sound recording business in Ontario for at least 12 months (24 months for taxation years ending prior to May 12, 2005) preceding the taxation year.
How to Apply
A corporation is required to submit with its Ontario corporations tax return a separate OSRTC claim form
and a Certificate of Eligibility from the Ontario Media Development Corporation (OMDC) for each eligible sound recording.
Additional Information
The Ministry of Revenue and the OMDC jointly administer this tax credit. The OMDC website has information which may assist you.
