There's no doubt that the Canadian tax shelter filmmaking era could be satirized, but this movie doesn't support that. The movie doesn't really go into depth about the system - I suspect that many viewers (even Canadian) won't know anything about the era, and will be confused by some parts of the movie. (I was fortunate enough to know about the era and the Canadian film industry, so I was able to understand these parts.) Part of this can be blamed on the frequent hurried and rushed feeling of the movie - there is long narration at the beginning instead of showing us what the narrator tells us, for one thing. Movie has a poor sense of time - you never feel this is 1979, and at one point, snow starts falling in the area but later the events of the movie are happening in the late summer! What really sinks the movie are the portrayal of most of the characters. They are thin, but for the most part they are so goofy we can't believe what they do. The few characters that stay serious are good (John Neville does well as the past-his-prime director character), and we see that a movie that would have been more serious and done things that COULD and DID happen would be more engaging (and would probably be a lot more funny.) The movie is also hampered by a low budget that gives the movie a murky and dark look.
From the closing credits, it appears that the Canadian government (via the Telefilm Canada film funding agency) financed this movie. This movie is just one example of the millions of dollars Telefilm has spent in financing bad movies no one wants to see. What the Canadian industry really needs is a movie that will savagely attack Telefilm and its questionable practices.