Ottawa boosts journalism tax credit by $501M, extends eligibility to broadcasters

OTTAWA — 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.

The federal budget tabled today 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.”