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.
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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.
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