Quebec Government Says Bon Voyage To Film Subsidies

I haven’t posted much on this blog but some recent news caught my eye:

Last week’s Godbout Commission report sent shivers up the spines of Quebec’s film and television production industry. The Quebec Taxation Review Committee, chaired by economist Luc Godbout, recommended phasing out the Quebec Production Services Tax Credit beginning in 2020.

If you’re a reader of this blog you shouldn’t be surprised by the news. Last year I posted how the Quebec’s austerity measures led to an immediate 20% cut to their film and games subsidies. At the time the government was paying up to 60% of resident VFX salaries.

This is pretty significant news as there are a number of European VFX facilities that have opened satellites there to stay competitive with subsidies offered in Vancouver. My guess is those facilities will have to open in BC and move their talent there. This is also the first time since my blog started that a major international location is planning a massive cut to their film subsidies. Ontario is also having serious conversations about the costs of these film subsidies.

Here in the US, many states have begun to curtail the use of film subsidies: Louisiana, Massachusetts, Michigan, Maryland, New Mexico, Nevada, Connecticut, Alaska, and Florida.

If you work in VFX, be always prepared to move to the next place offering the most amount of free money.

Soldier On.

92 Responses to Quebec Government Says Bon Voyage To Film Subsidies

  1. Doesn't matter says:

    It’s a proposition, not a fact. It will have to go through a ton of more paperwork and scrutiny before its fact.

    The title of this post is misleading. Please edit it to reflect what it truly is. Sorry.

    • VFX Soldier says:

      In June of last year the immediate 20% cut was followed by this statement:

      “Québec has many targeted tax assistance measures for businesses, particularly large corporations. These measures are costly and can create unfairness. The government wants to gradually change these incentives so that they are general rather than specific in scope. These measures of general scope will be simpler to apply, thus maximizing their benefits and limiting the administrative burden on businesses,”

      Go ahead and keep your fingers in your ears but the end is coming.

      • Doesn't matter says:

        Fine. Write whatever you want. All it does is discredit this blog to people in this industry who actually do want/need proper information. Sooner or later you’ll need to realize that 80% of this industry isn’t From California and we all need to get along. Simple as that.

        There is no sense in writing false information that tweaks the reality of the situation to benefit… Oh wait. No one.

      • Doesn't matter says:

        Again you’re missing information. The reason the cut happened is because te liberal government took charge from the Parti Quebecois and the Couillard government wanted/needed to slash a few percent. What is misleading is that the VFX industry only lost 6% or 9% (can’t remember the exact math) of its tax breaks. The rest was in games and on set. Writing 20% is misleading.

      • me says:

        hey dude…is the end. You will see.

      • VFXEXIT says:

        To be honest, Non-Californian governments spent millions of taxpayer money turning the VFX industry into a big joke of low wages, absolutely zero job security, ridiculously long hours and increasingly shitty VFX on tighter and tighter schedules all so some studio can make The Hobbit part 18 : Shanghai Rescue!!! Any VFX artist with half a functioning brain is looking to get as far away from this shitty industry as possible while they still can or to at least get up on higher ground before the flood hits. (If you are doing something that can be done in China cheaper, you are eventually going to lose your job)
        http://www.fool.com/investing/general/2015/02/19/will-dreamworks-be-saved-by-china.aspx

        Although VFX Soldier doesn’t believe what I am about to say…. I’ll say it anyways.

        Here is the future of 90% of all VFX outside of lower wage places like India and China : NONE.

        Most of your jobs in the end are going away just like it did for the Californians. Chinese and Indian companies will buy up your companies just like they did R&H and Digital Domain when the money runs out(taxpayer money) and move your jobs to places where people are ok getting paid crap wages.

        Yes, keep blaming Californians for being rightfully angry the UK and Canada distorted the VFX industry turning it into a big joke so studios no longer had to pay someone for what their work was worth if they wanted it. Instead the Canadian and UK governments will essentially pay the Hollywood studios to take their homegrown work. Like all good things, this too will come to an end as the taxpayer money runs dry.

      • VFXZombie says:

        I have to agree with Doesn’t matter. As much as I would like to see the subsidies gone, there is a difference between “An economist recommends” and “a law is passed”. Otherwise would it mean that when VFX solider recommends the end of subsidies, then the subsidies are factually gone ?
        Lets hope the government takes the recommendation seriously.

      • Jackadullboy says:

        I’m talking about communication issues when it comes to the business of getting the creative work done.. not the nature of the content.

    • Jackadullboy says:

      The jobs that go to China, India and other parts of the world that are culturally and geographically alien to the culture that Western studios provide the bulk of their product for will be rote jobs with no requirement for subjective judgement, or creativity beyond narrow commoditizable, mechanizable bounds.

      Don’t do work that someone can learn to do without a reasonably broad university training.. Don’t be a small hyper-specialized cog. Diversify. Generalise. Everyone calling themselves a digital artist should learn to code at least a little.

      Pure artists will always be two-a-penny… highly replaceable.. The industry only requires a limited pool of the best of these. If you rail against this claim, observe how difficult a struggle even the best illustrators and comic book artists have.

      There’s no stable living to be made from a craft that some kid with a PC in their bedroom has been perfecting from age six.

      Such are the economics of the art world. The real change occurred as soon as CGI became massively accessible to the non-technical ( between 2000-2006)

      • kentm says:

        “narrow commoditizable, mechanizable bounds.” This comment comes from a racist attitude. Education, erudition and creativity abound in China and India. This attitude is simply sticking your fingers in your ears.

      • Jackadullboy says:

        No, not at all. You’ve misunderstood.

        China and India have incredibly rich art and culture, and these will supersede that of the western world. I’m talking about a culturo-linguistic difference that I think will make it more attractive to do the commoditizable aspect of what western studios do in those countries, for some time yet (though not indefinitely). It’s about communication, mainly. That seems to be be bourne out by the facts currently.

      • Atomica says:

        “The jobs that go to China, India and other parts of the world that are culturally and geographically alien to the culture that Western studios provide the bulk of their product for will be rote jobs with no requirement for subjective judgement, or creativity beyond narrow commoditizable, mechanizable bounds.”

        What a load of old toss. If the culture is “so alien” to these poor people, how come they gobble up Hollywood product in their theaters every year?

      • Jackadullboy says:

        Calm yourself, please… I’m talking about communication issues when it comes to the business of getting the creative work done.. not the nature of the content being produced. If I’m guilty of anything it’s underestimating the amount of digital work that could be the described as “commoditizable”.

    • Yes, it matters. says:

      Even a simple proposition can wreck havoc. In 2012, the Louisiana state legislature decided to simply bring up the topic of subsidies, however, left them untouched. The simple action of bringing it up scared away enough studio work to close down the nearest VFX houses or any locations they had there.

      Pixomondo Baton Rouge laid off all 60 staff employees when there was no work to keep everyone on board because the studios were scared off at even the mentioning of subsidies being diminished. It wasn’t just the VFX houses that felt the impact. Hotel chains that had been booking for on set crews suddenly had entire floors worth of cancellations along with any auxiliary businesses that were there to support the filming. Not to mention the number of VFX people that had to move to another city or state to survive. Guess how the rental market in the area was affected? Droves of people had to move and/or break leases in order to get to the next job.

      All of this was caused by talks that hadn’t even reached the proposition stage.

  2. Doesn't matter says:

    I’m not saying It is or isn’t going to end. I’m not in Montreal and in happy I don’t live there.

    All I’m saying is that if anyone wants to post stories, that’s one thing. If you wanna post fact, then please entitle it accordingly. It’s better for the community.

    • me says:

      It’s a story about a fact.

      • Atomica says:

        It’s not a “fact”. It’s a story about a report suggesting that they cut the subsidy a bit more.

        This is very reminiscent of when Soldier got all hot under the collar about the EU report into cutting subsidies there – before you bother looking it up, they actually ended up increasing them in all the major territories.

    • me says:

      Quebec is the poorest place in Canada. It is impossible to cut from health and education, and to feed foreign companies with free money from taxpayers.
      Sooner or later it’s coming to an end.
      But sure, it is a story about the fact that the subsidies in Quebec are going down.

  3. Jackadullboy says:

    I’m curious as to where people think the next major migration may be to… Place your bets now…!

    • WTF Guy says:

      BC just extended the DAVE VFX incentive into all of Post Production so now you can cost effectively finish an entire film there (VFX, DI, Sound Mix) at the higher incentive rate, plus its in the same time zone as LA and you can buy a Canadian Dollar for .79 cents US these days. Hard to top that.

      Although… it may be New York City because according to Mr Diplomacy himself (aka Daniel Lay) their Mayor is a “dumb ass” and apparently it takes dumb asses to offer incentives. I always find a good way to get someone to start to understand your point of view is by calling them a dumb ass on Twitter.

      • Jackadullboy says:

        I guess I was thinking beyond BC, because that’s a given for now.. Question is, how practical can it be to move production massively beyond the English-speaking world, before quality (for product aimed at an English-speaking market) really begins to tank…?

      • minoton says:

        Glad to hear money still grows on trees in BC.

    • I love vancouver says:

      English language means nothing. Alot of productions have recently been shot in places like Bulgaria, Italy is still popular for sound stages. But currently I see BC as the mainstay for another 10 years.

      Or it will cycle back to places like london depending on what government is elected.

  4. me says:

    They say it’s good for local economy cause workers are spending money there.
    Bullshit. Workers are so poor they barely can put appart some money for rainy days, and plus, they don’t have any free time to spend.
    They say – it is a booming industry. Just remove the free money from the equation and you will see how “booming” it is.

    • I love vancouver says:

      I see plenty of artists blowing money on coffee, alcohol, rent, food.

      • minoton says:

        Even at 12%, I doubt sales taxes, plus income taxes , is pulling in the $400+ million Vancouver is paying out to the American studios.

      • VFXEXIT says:

        “blowing money on coffee, alcohol, rent, food.” VFX workers must be getting paid absolute shit if these days a VFX artist buying a cup of coffee every day is considered “blowing” money. LOL. Back in the day before VFX went to shit… a VFX artist “blowing” money might be buying a motorcycle or a jet ski… Not a fucking cup of coffee. let’s all lower our expectations of the worth of what we do a bit more shall we?

  5. deciBelboy says:

    Imagine if we had the internet when the old industries like welding and making things out of lumps of metal or digging stuff out of the ground went overseas. The real question is which industry is going to the third world next!

  6. CAD my ass says:

    why isn’t anyone talking about the freaking currency rate???

    Companies that were making a 3% margin….are now making %30. When i arrived in Vancouver i agreed to be paid in Canadian…the CAD was 1.05 = USD 1…..now the CAD is .70 cents…..dont even compare the pound.

    UK and LA guys stay away if you want to send money home…you leave here broker than you came……..you need to ask for $80-100 hr CAD to be making what you were making back in LA or UK….

    Fuck the subsidies …the currency is the big issue now…….the VFX companies are making more than ever…and the artist even less…..

    • me says:

      you’ve got it man. Finally….The real whole thing is that the companies are giving shit about workers. Treat them like shit pay them shit and ask them to be creative. Work crazy hours and in the end to be broke.
      And they expect that this shit will last…

    • You have a point but info want to correct that the studios are making money NOT the VFX companies. They don’t get the rebates.

      • me says:

        I really don’t get this. If the studio does not take the gold, why they don’t close then?Shut down. Go home.

      • Vfx money says:

        So we need to define studio, the film/tv studios fox universal disney Columbia Netflix Amazon they get the subsidies. Then they tell the venders DD ILM Imageworks MPC and so on that if they want to work on a project then they need to do a % of it in a location that offers production the subsidies . So the venders open up shop because they won’t stand together and say no, forcing the studios hand to not chase the subsidies. So the venders open up new locations chasing a regular pay check.

      • Andreas Jablonka says:

        vfx money is correct

      • CAD my ass says:

        @Andreas

        Thats what im saying is the VFX studios ARE making money. VFX studios are getting paid in USD….but are paying artists in Canadian now. They VFX studios are now making money because of currency rates……but the war on labor hasnt stopped.

        So why are rates still trying to be lowered? Im still seeing evidence of “salary fixing” up here despite the lawsuits…….And why are shows still running into “Suicide OT” up here?

      • me says:

        @CAD my ass
        ..because there are way too many desperate and imbeciles morons working in this industry.

      • I love vancouver says:

        just shows you have no idea how the bidding process works and when they lock in an exchange rate.

      • CAD my ass says:

        @I love Vancouver…

        OK then why dont you enlighten us…when do they lock in exchange rates on shows????

      • minoton says:

        What I’m curious about is, do the studios take the 25% conversion hit on the subsidies? Or do they leave it in Canada? And if Obama gets his way and raises taxes on foreign income and investments, does that become a de facto duty or tariff on any subsidy money received?

      • CAD my ass says:

        @mintoan

        I would think the VFX companies get paid in US dollars…..from the studios. What i understand is that the studios get the subsidy money…..

      • minoton says:

        @CAD, I get that. I’m wondering about the studios themselves. When is it not worth it for them to send work to, say, BC? When they have to leave millions in subsidies in the country, or take a 25% conversion hit sending it back home to the U.S.? And will any new taxes on foreign income deter them from requiring work to be done outside the U.S.? Even though I’d like to see all subsidies removed from the equation, at least with the states within the U.S., a dollar will always equal a dollar. And as for corporate tax loopholes, well . . . .

      • joker says:

        they will get the tax incentive in canadian dollars. Again people here think they understand the business side of the industry but the fact is I doubt many of you have seen bid documents they hold rate cards, financials and contract info.

      • CAD my ass says:

        @joker

        I was curious if there is any documentation it?

        I have seen movie bids, commercial bids, documentary bids, and music video bids….but i have not seen an entire bid from a VFX company for a movie that has 500 or more shots……or any Actuals after the movie is done. Id be real interested in how VFX companies keep there books…..

        Joker you sound like a producer. I would love to hear a producers take on how the currency rate is effecting production? I remember productions would come to Canada just for the currency rate in the Early 2000 it was around 1 USD = .60 CAD. Which is actually the normal healthy economic rate of Canada compared to the US dollar (when the US is not starting wars).

        Do US film studios get paid in UK pounds when it is a UK subsidy?

      • CAD my ass says:

        @$ joker

        Do companies take into account currency exchange rates when calculating how much subsidies they will need for a production?
        (assuming the original budget is calculated in US dollars…because all the studios are in the US)

      • CAD my ass says:

        @ joker

        If you could clarify a bit on the bidding process whether its in USD or do they bid it in CAD?

        Companies like Method, DD, ILM, Scanline, and Sony are all US companies with satelites in Vancouver…….but the main offices are in US. Your telling me these companies dont bid in USD?

        Please elaborate….

  7. cpbrown says:

    Luc Godbout… What a winning name.

  8. me says:

    Quebec is broken. Why to sustain something so inefficient as vfx? Stop the money drain.

  9. Roxboro says:

    Today is the day. The budget day. Hope for a complete cut on Quebec incentives. MPC go home!

  10. benjamin says:

    can someone explain to this guy why we have to get rid of tx incentives? Seems like he doesn’t get it.
    http://www.cbc.ca/news/canada/montreal/denis-coderre-questions-tax-credit-reductions-in-film-multimedia-1.2665466

  11. benjamin says:

    does’n look like they will cut anything, “au contraire”:
    “Increase tax credits for Quebec cultural sector, including film and TV production, dubbing, sound recording, book publishing and multimedia.”
    http://www.cbc.ca/news/canada/montreal/quebec-budget-2015-the-breakdown-1.3008811
    But it might be for local film production, which make sens.

  12. leebrunet says:

    The budget is in! Bonification! From 30% to 37.5%.

  13. benjamin says:

    ‘Increasing by four percentage points the tax credit for film and television production that is not developed from a concept or format created outside Quebec.

    MPC/Framestore are from outside quebec, isn’t it?

    • VFX Soldier says:

      “That is not developed from… outside Quebec.”

      They should’ve just said only ip content created in Quebec gets the increase. This is their way of saying: US studios, no subsidy increase for you!

      On and the games industry just got screwed: the subsidy that was just lowered by 20% last year will no only apply to the first $100k salary. Wonder if that cut will also mean VFX too?

      Sent from my iPhone

      >

  14. Richard Killjoy says:

    Who moved my cheese.

  15. Scott Ross says:

    I don’t quite understand what you don’t get…. VFX companies are the whipping boys (and girls) of the Client (the studio and the production company). The VFX facilities see no financial advantage from subsidies, tax rebates or currency fluctuations. All financial advantages ( read ALL) inure to the benefit of the Client and NONE to the VFX facility.

    The only “upside” the VFX Facility sees is… they have the distinct pleasure of doing the work…. albeit work that most of the time is at a loss for the VFX Facility.

    So one ponders “Why do they do it ” ? Because the VFX facility needs the cash flow to stay ahead of the P&L loss, always hoping that they will make money on the next show. In fact, that is one of the main reasons why R&H went bankrupt… they didn’t plan their cash flow and shows were delayed and extended.

    You see, VFX facilities are not run like businesses… they are run by people that receive fairly decent salaries, and if those folks continue to throw coal into the furnace… even though the furnace never pays off, they will continue to draw their salaries as well as keeping their companies from going BK and paying their employees ( usually).

    These VFX execs are afraid to demand what is their facilities due because they fear that the six clients will blacklist them. So, even though VFX Companies are CRITICAL to the success of all tentpole films… the VFX execs are unwilling to put their companies ( and their salaries) at jeopardy by forming a Trade Association that has leverage.

    • CAD my ass says:

      @ Scott…

      If a company puts in a bid for a job…..and during the coarse of the year long project….and I dont know …maybe …..a price war in Oil happens…and the CAD drops %20 after oil goes below $50 a barrel….Canada raises interest rates ….and the in little less than 6 months…..goes to about .70 cents on the dollar.

      A VFX company would see 10-20% savings in labor for at least 3-5 months? No?

      • Scott Ross says:

        well, in the real world…. yes. But in the world of VFX facilities and motion picture studios…. I would say probably not…. the Studios are smart enuff to incorporate their payments to floating currency rates.

      • CAD my ass says:

        @ Scott..

        even a bigger demension to the currency flux….is the US and UK guys sending money home…..We are getting assfucked by the currency rate up here. If you have to send $1,000 US it will cost you close to $1,400 CAD due to Bullshit fees by banks on both sides….so if you factor in the fluxing exchange rate …you looking at close %35-40 loss in income sent back home…..

        Alot of LA guys went on to do something else….and now the currency rates are forcing those of us who did make the move……do something else.

        Might as well go work in games or become a teacher or something…..I think you will see Non-Canadian talent asking to be paid 70hr-80hr -90hr CAD.

      • me says:

        No one will pay them that much. Not in Montreal or Toronto.

      • CAD my ass says:

        @me

        already seeing it in Vancouver

      • CAD my ass says:

        @me

        What big productions are done in Montreal and Toronto? I cant imagine companies there doing more than 100 shots.

      • me says:

        ..so if they are not able to pay that much,americans will go home and not enough of qualified workers will be here plus some of the seniors being blacklisted, could someone tell me who’s going to do the job?
        The f…g subsidized job? Students?Juniors? maybe, but one day they will give up ( I already can see this) and then, what? Maybe the ones who are hired and already are working will work harder and harder? maybe, but sooner or later they will burn out..so – who’s gonna work on the endless scrap sequels?

      • CAD my ass says:

        @me

        All i know i have never seen such piss pore VFX that is getting green lit these days…..by VFX company AND the client side…..

        It is apparent to me that no one gives a shit about quality anymore…….

        I dont know if quality people in their right mind choose VFX as a career…..

        Every morning i walk past VES students….and i resist the urge to tell them……its not to late to go to Me school!!!!

      • CAD my ass says:

        * got to med school

      • Richard Killjoy says:

        It’s only going to get worse. The bandwith is going to get better and as that happens, so will the overseas talent.

      • CAD my ass says:

        @killjoy

        Yeah the bandwidth is already there between countries. Im seeing UK, US, and NZ talent. (as well as a couple great Canadians) The last company i worked for in Vancouver had 30 different nationalities working for them. What im curious about is the exchange rates….

        USD 1 = .79 and the Pound 1= .53. With the Canadian economy being unstable from oil that percentage can swing by %10 in one week.

        Imagine getting paid one week 10-15% less? (and thats on top off the %10 less hit the CAD already has)

      • CAD my ass says:

        @scott ross

        “the Studios are smart enuff to incorporate their payments to floating currency rates.”

        Scott have you been following whats been happening with oil and currency rates in Canada over the last year? the CAD dollar can drop or rise 10% in one week on economic reports..and oil prices…..

        A labor payroll bill in that week would go from a 3% markup to %13 in one week.

      • Scott Ross says:

        @CAD… not if there is an ongoing “true up” by the studio … which one assumes there is. The Studio will never leave crumbs, let alone pieces of bread on the table. Studios are smart, relentless and generally unforgiving…. unless you’re a billion dollar director!

      • Oh really? says:

        @cad my ass

        Actually, week to week fluctuations don’t affect things except on a year to year basis. Finance in the largest vfx houses all have futures contracts on their operational costs rolling from year to year with hedge funds. Its places a limit on their upper costs but they still gain from downward fluctuations (minus contract costs).

        That is also part of the problem in a way since large vfx firms are pretty much finance companies nowadays, trading on tax breaks, hedges and futures more than actual production work.

      • Oh really? says:

        Regarding the huge mix of nationalities, that has actually developed a pretty horrible atmosphere nowadays. That used to create a cool atmosphere because you had a number of obviously talented and like minded people coming together from around the world, people worked hard, played hard and came out at the end with a nest egg.

        People nowadays are obviously economic refugees. You will find it hard to strike up any meaningful friendships since the guy next to you ( or you yourself) can shift elsewhere every few months. The guy as well may be renting a one bedroom apartment with his family on the edge of town, on a visa, worried if his contract will be renewed a few months down the line. At least in commercials there is a slight chance you can build long term relationships with clients.

        Since the subsidies and accountants sliced up the industry, it pretty much lost all of its former geek chic and fun side and feels something more akin to a clothes making factory. Why oh why anyone new would want to walk into this given a whole career ahead in different fields, heaven only knows. Or maybe the various vfx colleges and vfx studio academies are darn great at spinning a bullshit story to kids.

        Ho him, happy times. The only silver lining is that technology and finance will eventually break the current model anyways so a return to owner operator studios could return. Places like prime focus/dneg, mpc,frame store, etc can’t continue haemoraging cash at the current rate. Depending of course on whether Pixar/ILM/disney just swallow everything up!

      • Richard Killjoy says:

        Right, but if it does go to owner/operated studios… good luck with those 20 hour days just the same. Even worse.

        Global competition is not a fad. It’s a reality. And if the studios behave this way now, the only way it will change is with govt intervention. But since they’re going to be globally poaching talent, I don’t see much end in sight.

        My name is Killjoy. But I’m a realist.

        http://www.wilsontimes.com/News/Feature/Story/35598144—HOLLYWOOD-TO-WILSON#.VNG6XfvHL2k.twitter

      • CAD my ass says:

        @ Scott
        @oh really

        Scott thanks as always to your insight. I really appreciate you taking time to comment on the forums.

        Oh really…..you have some dead on points about the new global business model…..you might have some deeply prophetic points….

        You are correct about toxic work environments…….and quality for VFX is at a new low………….

  16. me says:

    “The only “upside” the VFX Facility sees is… they have the distinct pleasure of doing the work…. albeit work that most of the time is at a loss for the VFX Facility.”
    So, they don’t do any money at all? NOTHING? Hm…strange.
    They might be poor, then.

    • polyphemus says:

      Margins for VFX is typically 0-5% if you are doing good. There’s no money in it. Industry of passion and all that.

  17. me says:

    I will change the title…since the amount of free money did not change, I will change it into something more actual like:
    “Despite Godbout Commission report, who suggested to cut down the subsidies, the actual government keep feeding foreign companies with the same amount of money from taxpayers”
    Is to long?…maybe but it has to change, don’t you think?

  18. YoGabbaCrunch says:

    MassMarket VFX just shut down. Whilst a commercial company, anyone have the details of what went down? My guess is they simply got versioned out of the business with revisions, crunch and weak profits.

    The end of an era for commercials too?

  19. apx says:

    meanwhile in 上海………

    an anonymous animator is working in a very American, non-Chinese, style Dreamworks cubicle

    http://www.nytimes.com/2015/04/06/business/media/china-escalates-hollywood-partnerships-aiming-to-compete-one-day.html

    • apx says:

      4/05/2015

      “Disaster Is Inevitable When The Two Decade-Old Stock Bubble Bursts”

      http://www.forbes.com/sites/jessecolombo/2015/04/05/disaster-is-inevitable-when-the-two-decade-old-stock-bubble-bursts/

      “The key takeaway is that overvalued financial markets are not sustainable and must eventually experience a correction that returns them back to their fundamental value. In a free market (unlike what we have now), stock valuations move in waves, alternating from undervaluation to fair valuation to overvaluation, and back again. The Federal Reserve, by trying to keep the bubble constantly inflated, has distorted this natural process. Regardless, U.S. stocks will come back to earth when the Fed finally loses control of the situation, and the final comedown will be far more painful than would occur in a free market.”

  20. anon says:

    ” a socialist who is for taxpayers giving their money to rich studio capitalists in LA. Lovely.”

    the US already has subsidies for business

    does any of this make sense? I’m not sure it does or ever will

    explore US subsidies:
    http://www.nytimes.com/interactive/2012/12/01/us/government-incentives.html

    “Fortune 500 companies receive $63 billion in subsidies”
    http://pando.com/2014/02/26/fortune-500-companies-receive-63-billion-in-subsidies/

    • minoton says:

      How much does the US send to Canadian studios (or elsewhere) to relocate productions and workforce to the US?

  21. Dave says:

    And apparently it’s all over in Nova Scotia. RIP: Nova Scotia TV and Film Industry “There is no tomorrow.”

    http://www.canadiananimationresources.ca/?p=11466

    http://globalnews.ca/news/1929677/nova-scotia-forecasts-98m-deficit-will-cut-film-tax-credit-next-year/

    • me says:

      So it is a fact that the incentives are bad, since NS dropped them down. Why such a poor province as Quebec, still supports them?

      • VFX Soldier says:

        Look at the trend. You kill them slowly. First with a report showing that you did intense study on the matter. As a concession you increase subsidies for parts of the industry that actually show a positive return: Film dubbing. Then you gut the ones that are losing 50%: VFX subsidies.

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    or two to grab readers excited about everything’ve written. In my opinion, it could bring your posts
    a little bit more interesting.

  23. Canada Currency says:

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