Changes to Canadian Journalism Labour Tax Credit receive Royal Assent

Changes to the Canadian Journalism Labour Tax Credit received Royal Assent late yesterday after being passed in the Senate.

In moving this legislation into law publishers will soon see the financial benefit.

The law increases the cap on labour expenditures per eligible newsroom employee from $55,000 per year to $85,000. It law also temporarily increases the tax credit rate from 25 per cent to 35 per cent for a period of four years. These measures apply after 2022.

News Media Canada has called on the federal government to implement these changes and we welcome this news that will contribute to badly-needed newsroom investment.

You can read more about the process and the debates on the legislation in the House of Commons and Senate by clicking here.