Print media is constantly threatened by the rise of digital competitors. Many local print editions across the country have devised strategies to counter the rising competition that they face from digital companies like Facebook and Google.
In light of this issue, the Quebec government is giving the province’s print media a financial boost to help it confront the unprecedented crisis facing the industry. The financial assistance totals nearly $50 million a year by 2023-2024.
In addition, media companies will be able to claim a refundable tax credit equal to 35 percent of employees’ salaries over five years to give them financial leeway while they seek a new business model.
The measure announced Wednesday retroactive to Jan. 1 is valid for newsroom employees earning up to $75,000 a year.
The announcement was made by Finance Minister Eric Girard and Culture and Communications Minister Nathalie Roy. Additionally, Quebec is also extending for one year to Dec. 31, 2023 the tax credit available to support the digital transformation of print media. Some existing government support programs from the Ministry of Culture and Communications will also be extended for two years until 2023-2024.
The provincial government also heeded the call of media owners to remove the recycling tax paid to municipalities for curbside recycling.
