Ottawa boosts journalist tax credit by $501M to give ‘greater stability’ – National

The federal government is extending its journalism tax credit by $501 million over five years, with $85 million in ongoing annual funding.

Ottawa first said in its spring fiscal update that it would consult Canadians and stakeholders about extending the Canadian Journalism Labour Tax Credit to broadcasters.

Get daily National news

Get daily Canada news delivered to your inbox so you’ll never miss the day’s top stories.

The federal budget tabled Thursday says that measure, as well a move to renew a higher credit rate that was set to expire, will cost $501 million.

It says keeping the 35-per-cent rate in place will provide “greater stability as the sector adapts to a changing media landscape.”

The initiative provides qualifying journalism organizations with a refundable 35-per-cent tax credit on wages for eligible newsroom employees, up to $29,750 per employee.

The government will extend the credit, which previously applied only to original written news content, to the production of audio and audiovisual news.