Despite this tariff being initiated by EU this limit was introduced worldwide and despite this tax regulation not existing anymore most manufacturers didn't change their policy.

ATM Magic Lantern exists for Digic 4 and 5 cams only and not even for all of them. Newer entry level cams with Digic 4+ processor haven't been ported.

For those cams supported by Magic Lantern (ML) there are some things to consider:

H.264 recording (aka: Native Canon movie recording):ML cannot bypass Canon's limits!Digic 4 cams will stop recording if file size = 4 GB is reached *or* after 29:59. Whatever comes first! Digic 5 cams will stop at 29:59. ML can automatically restart recording but a few frames will get lost.

MLV/RAW recording (ML's raw implementations):No size or time limit applies to RAW/MLV recording. No frames will be lost after 29:59. Nightly builds are supporting this. But it doesn't make much sense to use this mode for Digic 4 cams with SD-card slot because file transfer speed is limited to around 20 MByte/s which is severely limiting resolution/frame rate.

HDMI/USB streaming/recording (without recording to card):In most recent nightly builds 29:59 limit still exists. Again: ML can restart this automatically but a few frames will get lost at 29:59. Or look for the "Sticky Half-Shutter" feature. Caveat: It may not work as you want for all situations! If your cam is supported by an "experimental" lua_fix build 29:59 limit will be bypassed without interruption.