Canada Periodical Fund and Canada Council funding held safe in federal budget

In what was otherwise a tough day for the Department of Canadian Heritage, as a result of the 2012 federal budget, the magazine sector came off alright. Magazines Canada has posted a bulletin to its members congratulating the department for successfully defending funding for the Canada Periodical Fund (CPF) and the Canada Council.

Magazines Canada congratulates the Government of Canada for reaffirming its investment in the Canada Periodical Fund and the Canada Council for the Arts.

"We are pleased that Finance Minister Flaherty and Minister Moore have continued their commitment to the newly designed Canada Periodical Fund as an important driver of economic activity and the creation and circulation of Canadian content across multiple platforms," said Mark Jamison, CEO of Magazines Canada.

"Further, we congratulate the Government on its decision to sustain support for the Canada Council for the Arts—our most important agency of support and guidance to the broadest community of arts and cultural activity in Canada, including our arts and literary magazine creators."

Some $191.1 million is being cut in heritage programs over the next three years. The Canadian Broadcasting Corporation, which falls under the purview of heritage minister James Moore, will lose $115 million in funding over the next three years. The National Film Board will see its budget cut by $6.7 million over the same period while Telefilm Canada will lose $10.6-million The Canada Council for the Arts, the National Gallery of Canada and national museums will not see any budget reductions.