As Sector Council lead for Information, Communication, and Digital Technologies, and the Industry Association representing IDM companies in Manitoba, NMM plays a critical role in providing advisory services to our members. Two key aspects of our advisory work involves assisting IDM companies to access capital, and securing provincial tax credits to fuel growth in the local industry.
Manitoba Interactive Digital Media Tax Credit (MIDMTC)
NEW JUNE 25th, 2021
New Media Manitoba (NMM) is excited to share that the Manitoba Interactive Digital Media Tax Credit (MIDMTC) received enhancements in the 2021 Provincial Budget announced in April.
Broadly speaking, the 2021 changes can be identified in three groups:
- The Manitoba IDM Tax Credit is now permanent with no sunset clause;
- Program guideline changes that allow for a broader range of eligible product development activities;
- Administrative changes that relate to how the MIDMTC is implemented on a practical level.
One of the key pillars in the support of the IDM sector is the Manitoba Interactive Digital Media Tax Credit program (MIDMTC), a fully refundable corporate tax credit.
Companies can use the tax credit to grow their teams, as working capital or reinvest the revenue into company development. Accordingly, the MIDMTC can help companies grow their businesses and leverage other sources of revenue. Currently, the tax credit is only applicable to a portion of the IDM industry.
NMM will continue working closely with industry to make the tax credit reflective of the full IDM industry, and that it continuously adapts to the evolving economic landscape.
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Access to Capital
A key hurdle in expanding a business into new markets is access to capital. To address this challenge, NMM will assist member companies to participate in strategic trade missions where they can pitch to a critical mass of investors.
NMM has brokered connections between members and private lending institutions in Canada to assist them in accessing working capital so they can fund their expansion plans.
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