Mr. Speaker, last year the Canadian film industry accounted for over $5 billion in revenue and 134,000 jobs. In British Columbia alone this meant an economic impact of $2.8 billion and 25,000 jobs, ranking B.C. third in production after L.A. and New York.
Today, this industry faces a crisis that put 50% of film union members out of work in B.C. The cause? Primarily the loss of the foreign film investment deferral and an inadequate tax credit replacement. At the same time Australia and Ireland have created enhanced tax incentives for which even our own low Canadian dollar cannot compensate. The industry has been working on practical solutions which are before the Minister of Finance.
I urge our federal government to put in place the long term tax incentives that will improve Canada's competitiveness in this very mobile but important international industry.