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Appendices

 

Introduction
Starting on the Right Path
Seven Steps for Help You Start Your Business

1. Take a Good Look at Yourself
2. Identify Your Customers
3. Build a Support Network
4. Make it Official
5. Facilities and Staff
6. Write a Business Plan
7. Obtain Financing

Keep It Going
Appendices
Contact Information
Fun Facts

 

Appendices

A: Your Checklist

 
Download Checklist

Remember, be honest with yourself. It’s important to be truthful with yourself about your abilities. Even if you have some weak areas, that’s all right. You can get help with financing, bookkeeping, sales, or production. If you believe in yourself and your ideas, you are on the right path.

Atii! Check out the checklist at the Canada Business website: http://www.canadabusiness.ca/eng/page/2749/sgc-62/

 

 

B: Business Words

In business, there are many special words used to describe the situations you will encounter day-to-day. Most of these words are used to describe your financial position and relationships.

Accounting

Accounting is what you do when you keep financial records for your business. These records (accounts) show your expenses and receipts.

Accounts Payable

This represents the money that the business still owes to suppliers of goods or services that the firm has purchased on credit.

Accounts Receivable

This represents the money that is owed to the business by customers who have purchased goods or services on credit.

Accrual Basis Accounting

Under the accrual method, you have to report income in the fiscal period you earn it, regardless of when you receive payment. Similarly, you deduct allowable expenses in the fiscal period in which you incur them, whether or not you pay for them in that period. The alternative method of accounting is cash accounting.

SEE cash basis.

Amortization

Amortization is the process of gradually paying off a loan, mortgage or debt through regular payments, usually over a long period of time.

Assets

Items owned by a business that have monetary value. Cash, inventory, equipment, land, buildings, accounts receivable and securities are all considered assets.

Balance Sheet

A financial report that shows what an individual or business owns (its assets),what it owes (its liabilities), and the amount of its net worth or equity, as of the date of the statement.

Bankruptcy

When a business has been legally judged to be unable to pay its bills it is considered bankrupt. Formal bankruptcy can result in the liquidation of the assets of the business and subsequent distribution of funds acquired through liquidation to creditors.

Bookkeeping

Bookkeeping is maintaining records of the financial transactions of a business including details and copies of invoices and receipts, bank statements, and other paperwork required for accounting purposes.

Break-even

A break-even analysis is a financial calculation using sales, fixed and variable costs and other numbers to find out how much sales, or what level of costs will allow the business to break even. A break-even point is a combination of sales and costs at which the business neither loses nor makes money.

Business Licence

If the business is to be established within a community that has Hamlet, Village, Town or City status then the business will require a business licence from the local municipal office. While not necessary for all businesses, many new businesses will need to get business licenses before they can operate legally within their municipalities.

Business Number

A numbering system used to streamline and simplify the way business deals with the federal government. Every business must have its own business number.

Business Plan

This is a document that explains the what, why, when, who and how of the business. A good business plan provides an explanation of the opportunity, the people involved, the money required to implement the plan, where it will come from and what financial results the opportunity is likely to produce. Many banks require a business plan before they will agree to lend money to a business.

Capital

Capital can have a number of different meanings. In this document Capital refers to financial capital or access to money.

Capital Cost Allowance

The Capital Cost Allowance (CCA) is a tax deduction you can make for assets you buy for your business. Usually you are only allowed to deduct a portion of the total amount each year—this amount is the Capital Cost Allowance. SEE depreciation.

Cash Basis Accounting

Under the cash method, you report income as it is received and you deduct allowable expenses as they are paid. Cash basis bookkeeping is simpler than accrual bookkeeping, but accrual accounting is better for making decisions with long-term consequences.

Cash Flow

The amount of cash a business generates and uses during a specific period, calculated by adding non-cash charges (such as depreciation) to net income after taxes. A cash flow statement is a financial statement which shows all the cash that a business has received and also paid out for a given period of time.

Client, Clientele

A client is a customer of your business. Clientele refers to a body of customers.

Collateral

Assets pledged as security for loans. If the borrower defaults on the loan the assets can be sold with the proceeds put towards loan repayment.

Competitive Advantage

A business has a competitive advantage when it can deliver a better deal than its competitors.The competitive advantage comes from a combination of providing better quality and a better price.

Contribution

A contribution in this guide refers to government funding for a business. If properly accounted for, it does not have to be repaid.

Corporation

A legal entity that is separate and distinct from its owners. A corporation has many of the rights and responsibilities of an individual in that it can enter into contracts, hire employees, own assets, borrow money, sue or be sued; and it also must pay taxes. A corporation has the benefit of offering limited liability to its owners (shareholders); the owners can receive profits through dividends but are not liable for the company’s debts.

Cost of goods sold

The cost of goods sold includes all direct expenses of production of goods or services such as material, labor, overhead, and depreciation. The cost of goods sold does not include indirect expenses such as office rentals, accounting, advertising. The cost of goods sold is sometimes referred to as the cost of sales.

Customer

A customer is a person or business that buys from a business; a purchaser of goods or services.

Customer Loyalty

Customer loyalty refers to those customers who always buy the same brand or purchase from the same company. If customers receive good service and a quality product or service they will likely continue to do business with you in the future.

Debt

Debt refers to the obligation to pay an amount of borrowed money to another party, generally a bank or other lending institution. On a balance sheet debt is included under liabilities.

Demographics

Demographics refer to characteristics of a population. These characteristics can influence consumption of products and services. Important characteristics include: age; sex; race; family size; level of education; occupation; income; and location of residence.

Depreciation

Long term assets lose value as they get used, worn out and break down over time.This loss of value is called depreciation. The depreciation of an asset will impact reported earnings and that asset’s value. See: Capital Cost Allowance.

e-commerce

Electric commerce or e-commerce is the buying, selling, marketing, and servicing of products or services on the Internet.

Entrepreneur

An entrepreneur is someone who assumes the financial risk of starting and/or managing a business.

Equity Capital

Equity capital usually refers to the money that the owner(s) put into the business when the business is just starting. Equity also means the value of a business after liabilities are subtracted.

Expenses

Expenses include expenditures on business items such as, rent, utilities, or wages that are incurred in conducting normal business activities.

Financial Statements

Financial Statements summarize the state of a company’s finances. They provide information on profits, revenue, costs, and the general health of the company. The four principal documents are the balance sheet, income statement, statement of cash flows and statement of retained earnings.

Financial statements are needed to secure capital and to make management decisions.

Financing

Financing means providing money to businesses, consumers, or investors to help them achieve their goals. For businesses this money usually comes in the form of a loan or as equity capital.

Fixed Assets

Buildings and machinery are long-term assets that are not easily convertible into cash.

Fixed Costs

Fixed costs are operating costs that do not change according to the amount of business a company does. These costs can include facility rental costs, utility costs, and payment to employees.

Goods and Services Tax

The goods and services tax is a 5% charge (previously 7% before July 1, 2006) on the sale of all goods and services, except certain essentials such as groceries, residential rent, and medical services, and services such as financial services.

Gross Profit

This figure is used to judge the profitability of some types of businesses, and is calculated as follows: Total revenue minus the direct costs of providing the goods sold.

Hiring Plan

A hiring plan can help you identify employment needs and provide you with a plan for hiring employees as the business grows. A hiring plan is particularly useful to businesses that require a number of employees.

Income

Income is also known as earnings. Income is an important figure as it is the amount of money a business makes after subtracting all of its costs.

Income Statement

A financial statement that lists expenses, revenues, and net income for a given period.

Intellectual Property

The ideas, designs, and creativity you use to make a distinct product or service. You can receive legal recognition for these endeavours in much the same way as you receive title to a piece of land.

Interest

A charge for the money you borrow, usually calculated as a percentage of the amount borrowed.

Inventory

Inventory consists of all the businesses raw materials, finished items ready for sale, or goods that are in the process of being made. Inventory is treated as an asset on a company’s balance sheet.

Leakage

Leakage in this guide refers primarily to retail leakage. Retail leakage occurs when members of a community spend money outside that community or when money spent inside that community is transferred outside the community. For example, purchasing goods from a business outside of Nunavut forgoes the same purchase that could have been made inside Nunavut.

Leverage

The use of borrowed capital to increase the size of the business to a size greater than would be possible using only equity capital. It is used when the returns from using additional capital is expected to be greater than the cost of borrowing it. People also talk about leverage when securing one loan or equity investment leads to easier access to more financing.

Liabilities

On a balance sheet, liabilities are those monies owed by a company. Current liabilities are liabilities which are due within a year, including short-term loans, interest payments, and unpaid expenses.

Line of Credit

A line of credit is a type of credit arrangement usually issued by a financial institution which offers an individual immediate access to a pre-determined amount of cash upon demand without having to apply for a loan. A line of credit may be either unsecured or secured with personal assets such as bonds, term deposits or home equity. A secured line of credit results in lower risk to the financial institution and a lower rate of interest to the individual.

Loss

Loss refers to the amount by which the costs of a business exceeds its revenue in a given time period.

Market

A market is a network in which a group of sellers of some commodity, product or service, and its close substitutes compete for the patronage of a common group of buyers.

Marketing

The process of making customers aware of products and services, attracting new customers to a product or service, keeping existing customers interested in a product or service, building, and maintaining a customer base for a product or service.

Advertisements play a large part in marketing.

Market Research

Market research is the collection and analysis of information about consumers, competitors and the effectiveness of marketing programs. Market research can help to determine the feasibility of a new business, test levels of interest in new products, and develop strategies to improve customer service and distribution channels.

Market Sector

Market sector describes a set of businesses that are buying and selling similar goods and services that they are in direct competition with each other.

Marketing Strategy

Marketing strategy is a process that can allow a business to concentrate its limited resources on the best opportunities to increase sales and achieve a sustainable competitive advantage.

Mentor

A mentor provides their expertise to less experienced individuals in order to help them advance their careers, enhance their education, and build their networks.

Network

For an entrepreneur, a network is the community of people that he/she can turn to for help. A network will include both professionals such as lawyers, bankers, and insurance brokers, and non-professionals, such as family, and friends with business experience and contacts.

Niche Market

A niche market is a group of consumers who have particular needs or tastes. Many small businesses have survived on finding a niche market and profiting from it.

Operating Expense

Operating expenses are those that are incurred as a result of normal business operations. Operating expenses include administrative costs and expenses associated with selling of the goods, but do not include the cost of goods sold, taxes or interest payments.

Organization Chart

A drawing showing each staff position in the business in relation to all the others.

Output

Output is the amount of goods and services produced during a given period.

Overhead

Overhead includes two major categories of cost—operations overhead and general and administrative overhead. Operations overhead includes costs that are not 100 percent attributable to the activity being completed but are generally associated with the recurring management or support of the activity. General and administrative overhead includes salaries, equipment, space, and other tasks related to headquarters management, accounting, personnel, legal support, data processing management, and similar common services performed external to the activity, but in support of the activity being completed.

Owners Equity

This is the balance when you subtract total liabilities (what the business owes) from total assets (what the business owns).

Partnership

A form of business organization in which two or more persons join in a business or commercial enterprise, sharing profits, risks and losses according to the terms set forth in their partnership contract.

Patent

A government license to an individual or business that gives the right to make, use or sell an invention.

Procurement

Procurement means the purchase, hire, lease, rental, exchange, or any other commercial transaction involving the outlay of funds in return for the provision of supplies.

Productivity

For the purposes of a business owner, productivity refers to the output of goods and/or services by its business from the effective use of the various inputs (such as skilled workers, capital equipment, managerial know-how, technological innovation, and entrepreneurial activity) producing these goods or services. In economics, productivity is measured as the amount of output created (in terms of goods produced or services rendered) per unit input used. In simple terms, productivity is a measure of how much you make with the tools and labour that you use. Businesses that have higher productivity will generally be more profitable, and more likely to survive in the long run.

Profit

Profit is what is left over for the owners of a business after all expenses have been deducted from the revenues of the business. Gross profit is the profit before corporate income taxes.Net profit is the final profit of the firm after taxes have been paid.

Profit Margin

Profit Margin is a ratio of profitability calculated as net income divided by revenues, or net profits divided by sales. It measures how much out of every dollar of sales a company actually keeps in earnings.

Receipt

A receipt indicates the value of a business’s transaction. Most receipts also include detail on the nature of the transaction.

Red Tape

Red tape refers to all of the paperwork, licensing, assessments, fees, wait times, and bureaucratic process that a company must go through in order to carry out its business plan.

Remit

Money collected for tax purposes on the purchase of goods and services by businesses must be transferred or remitted to the Canada Revenue Agency.

Request for Proposal

A Request for Proposal is an invitation for suppliers, through a bidding process, to submit a proposal on a specific product or service. Beyond the price a Request for Proposal typically involves information that may include basic company information and history, financial information, technical capability, estimated completion period, and customer references that can be checked to determine a company’s suitability. Request for Proposals often include specifications of the item, project or service for which a proposal is requested. The more detailed the specifications, the better the chances that the proposal provided will be accurate. Generally Request for Proposals are sent to an approved supplier or vendor list.

Return

The profit made on an exchange of goods.

Return on Equity

A measure of return for each dollar of shareholder investment —in essence, it is how effectively the shareholder’s investment is being employed. Return on Equity is calculated by dividing the annual earnings from operations by shareholders equity (total assets minus total liabilities).

Return on Investment

Return on Investment is the ratio of income produced by an asset divided by its investment cost. The Return on Investment calculation represents the relative value of the project’s cumulative net benefits (benefits less costs) over a specific analysis period, divided by the project’s cumulative total costs, expressed as a percentage.

Revenue

In business, revenue is the amount of money that a company actually receives from its activities, mostly from sales of products and/or services to customers.

Risk

A common concern with any investment is that you may lose the money you invest - your capital.This risk is therefore often referred to as capital risk.The level of risk an individual is willing to accept will determine what business ventures they might be interested in pursuing.

Savings

Savings generally means putting money aside for future usage.

Self Assessment

A judgment which you make about your abilities, strengths and weaknesses.

Sole Proprietorship

A form of business organization in which an individual is fully and personally liable for all the obligations (including debts) of the business, is entitled to all of its profits and exercises complete managerial control. For tax purposes, the owner and his or her business are one entity, meaning that business profits are reported and taxed on the owner’s personal tax return.

Standing Offer Agreement

A Standing Offer Agreement is a contract that sets out rates for goods and services which are available for the term of the agreement. However, no commitment is made under the agreement to purchase a specified value or quantity of goods or services.

Tender

A tender is a request for specific goods and services. The respondent that can provide the good or service for the lowest cost will generally win the tender.

Trademark

A word, symbol, or design that is legally registered as representing a business or its products and services.

Variable costs

Production costs that change in proportion to output, as opposed to fixed costs which don’t. Labour and raw materials are usually variable costs, while office space, and equipment rentals tend to be fixed costs.

Word of Mouth

Advertising generated by satisfied customers who tell other people how much they like your product or service.

Workers Compensation

Workers’ compensation programs and laws exist to protect employees who are injured while on the job. Businesses must have insurance to insure that they can compensate employees who are injured on the job.

Working Capital

Working capital is the cash available to a company for day-to-day operations. It allows bills to be paid while awaiting payment of cash for sales.

 

 

C: Information Sources

 

Here is a long list of good sources of information for you when you are starting a business.

Remember that the Government of Nunavut and other organizations listed below strongly support the creation of new businesses in Nunavut. They are there to help you, so don’t be afraid to contact them.
 

CANADA-NUNAVUT BUSINESS SERVICE CENTRE (CNBSC)

 

www.canadabusiness.ca/eng/page/centre/sgc-62/#sgcselect

 

CNBSC provides business and community economic development information to Nunavut businesses.

 

CNBSC – Qikiqtaaluk Region

Box 1480, Iqaluit, NU, X0A 0H0

Manager: Sarah Maniapik

Toll-free: 1-877-499-5199

Phone: (867) 975-7860

Fax: (867) 975-7885

Email: smaniapik@baffinbdc.ca

info@cnbsc.ca

 

CNBSC – Kivalliq Region

18-4 Sivulliq Avenue, Second Floor Innukshuk Building

Box 979, Rankin Inlet, NU, X0C 0G0

Toll-free: 1-844-737-8627

Phone: (867) 645-8450

Fax: (867) 645-8455

 

CNBSC – Kitikmeot Region

Kitimeot Community Futures Inc.

Box 1331, Cambridge Bay, NU, X0B 0C0

Toll-free: 1-888-886-0260

Phone: (867) 983-2095

Fax: (867) 983-2075

 

COMMUNITY ECONOMIC DEVELOPMENT OFFICERS

Nunavut Economic Developers Association

www.nunavuteda.com

1104B Inuksugait Plaza, Phase II

PO Box 1990

Iqaluit, Nunavut X0A 0H0

Tel. (867) 979-4620

Fax (867) 979-4622

Email: exdir@nunavuteda.com

 

NEDA provides organizational support, information and advice to the economic development officers in Nunavut’s municipalities, and coordinates their training and certification. If the contact information for your local EDO is incorrect, contact NEDA for up-to-date information.

For a contact list of Community Economic Development offices go to http://www.nunavuteda.com/about-neda/edo-contact-list

 

CHAMBERS OF COMMERCE

Baffin Regional Chamber of Commerce

www.baffinchamber.ca

Box 59, Iqaluit, NU, X0A 0H0

Building 607

Phone: (867) 979-4654

Fax: (867) 979-2929

BRCC was created to give businesses a better facility with which to promote their business throughout the Baffin Region, Nunavut and the rest of Canada.

 

Cambridge Bay Chamber of Commerce

Contact: Gordon Bligh

Phone: (867) 983-2970

 

Kivalliq Chamber of Commerce

Box 819, Rankin Inlet ,NU, X0C 0G0

Phone: (867) 645-2126

Fax: (867) 645-2567

 

COMMUNITY OPERATIONS (ED&T)

Most Government of Nunavut business support programs are administered by regional Community Operations offices.

 

North Qikiqtaaluk

www.gov.nu.ca/edt

Phone: (867) 899-7338

Toll Free: 1-888-899-7338

Fax: (867) 899-7348

Email: rkatsak@gov.nu.ca

 

South Qikiqtaaluk

www.gov.nu.ca/edt

Phone: (867) 473-2679

Toll Free: 1-844-737-8628

Email: edt@gov.nu.ca

 

Kivalliq

www.gov.nu.ca/edt

Phone: (867) 645-8458

Toll Free: 1-844737-8627

Fax: (867) 645-8455

Email: lmackenzie@gov.nu.ca

 

Kitikmeot

www.gov.nu.ca/edt

Phone: (867) 982-7459

Toll Free: 1-844-475-1166

Fax: (867) 982-7453

Email: edt@gov.nu.ca

 

BUSINESS DEVELOPMENT CENTRES

Regional Business Development Centres are not-for-profit community owned corporations, which provide financial assistance (largely loans) and advisory services to small businesses.

www.communityfutures.ca/home/files/nunavut.html

 

Baffin Business Development Centre (BBDC)

2nd Floor, Igluvut Bldg.

Box 1480, Iqaluit, NU, X0A 0H0

Phone: (867) 979-1303

Fax: (867) 979-1508

 

Kivalliq Business Development Centre

Box 328, Rankin Inlet, NU, X0G 0G0

Phone: (867) 645-2126

Fax: (867) 645-2567

 

Kitikmeot Community Futures Incorporated

Box 1330, Cambridge Bay, NU, X0B 0C0

Phone: (867) 983-3859

 

INUIT COMMUNITY ECONOMIC DEVELOPMENT ORGANIZATIONS

Inuit CEDOs help train Inuit to start up, manage and expand their own businesses.

 

Kakivak Association

www.kakivak.ca

Parnaivik Building 942

Box 1419, Iqaluit, NU, X0A 0H0

Phone: (867) 979-0911

Fax: (867) 979-3707

Email: info@kakivak.com

 

Kivalliq Partners in Development

Box 709, Iqaluit, NU, X0C 0G0

Phone: (867) 645-2118

Fax: (867) 645-3693

 

Kitikmeot Economic Development Commission

Box 1330, Cambridge Bay, NU, X0E 0C0

Phone: (867) 983-2095

Fax: (867) 983-2075

 

LOAN AND INVESTMENT CORPORATIONS—TERRITORIAL

Atuqtuarvik Corporation

www.atuqtuarvik.com

Box 900, Rankin Inlet, NU, X0C 0G0

Toll-free: 1-888-645-5901

Phone: (867) 645-5900

Fax: (867) 645-5910

Email: contact@atuqtuarvik.com

Atuqtuarvik Corporation provides loans and equity investments to Inuit-owned businesses.

 

Nunavut Business Credit Corporation

http://www.nbcc.nu.ca/

Box 2548, Iqaluit, NU, X0A 0H0

Toll Free: 1-888-758-0038

Phone: (867) 975-7891

Fax: (867) 975-7897

Email: credit@nbcc.nu.ca

NBCC is a crown corporation that supports business development by providing loans to businesses that have difficulty accessing funding from traditional sources.

 

Nunavut Development Corporation

www.ndcorp.nu.ca

Box 249, Rankin Inlet, NU, X0C 0G0

Toll-free: 1-866-645-3170

Phone: (867) 645-3170

Fax: (867) 645-3755

Email: opportunities@ndcorp.nu.ca

NDC is a crown corporation that creates employment and income opportunities for residents of Nunavut, especially those in smaller communities, by stimulating the growth and development of local businesses and promoting economic diversity and long-term stability.

 

FEDERAL PROGRAMS

Canada Small Business Financing

www.strategis.ic.gc.ca/csbfa

Toll-free: 1-866-959-1699

This federal program helps small businesses access loans and capital leases for establishing, expanding and improving small businesses.

Aboriginal Business and Entrepreneurship Development

https://www.aadnc-aandc.gc.ca/eng/1375201178602/1375202816581

ABED works with Aboriginal entrepreneurs and its partners to provide a range of services and supports that promote the growth of a strong Aboriginal business sector in Canada.

 

Iqaluit

Nunavut CEDO (Iqaluit)

Kakivak Association

Box 1419, Iqaluit NU, X0A 0H0

Phone: (867) 979-8951

Fax: (867) 979-3707

 

Cambridge Bay

Nunavut CEDO (Cambridge Bay)

Box 1330, Cambridge Bay, NU, X0B 0C0

Phone: (867) 983-2016

Fax: (867) 983-2624

 

Indigenous and Northern Affairs Canada

https://www.aadnc-aandc.gc.ca/eng/1100100027774/1100100027775 Box 2200, Iqaluit, NU, X0A 0H0

Toll Free: 1-800-567-9604

Phone: (867) 975-4500

Fax: (867) 975-4560

Email: nuinfo@aandc-aadnc.gc.ca

INAC’s small business assistance programs include the Community Economic Opportunities Program and the Procurement Strategy for Aboriginal Business. Business can also take advantage of the Innovation and Knowledge Fund that helps Northerners participate in the innovation and knowledge based industry.

 

COMMERCIAL BANKS

Royal Bank of Canada

http://www.rbcroyalbank.com/busindex.html

 

Iqaluit

Igluvut Building #922, Iqaluit,NU, X0A 0H0

Phone: (867) 979-8700

 

Rankin Inlet

220 Okingutigiit Building, Rankin Inlet,NU, X0C 0G0

Phone: (867) 645-3260

 

Cambridge Bay

4 Kamotik Rd, Cambridge Bay,NU, X0B 0C0

Phone: (867) 983-2007

 

Canadian Imperial Bank of Commerce

http://www.cibc.com/ca/small-business.html

Toll-free: 1-800-465-2422

 

Iqaluit

611 Queen Elizabeth II Way, Iqaluit, NU, X0A 0H0

Phone: (867) 979-8663

Fax: (867) 979-3027

 

Rankin Inlet

Box 10, Rankin Inlet, NU, X0C 0G0

Phone: (867) 645-2863

Fax: (867) 645-2573

 

First Nations Bank

Baker Lake

Box 569, Located in the Sanavik Co-op

Baker Lake NU X0C 0A0

Phone: 1-844-641-0049

 

Iqaluit

630 Queen Elizabeth II Way

Iqaluit NU X0A 0H0

Main Phone Number 1-877-975-3770

 

Kugluktuk

Box 279, Located in Kugluktuk Co-op

Kugluktuk NU X0B 0E0

Phone: 1-844-418-6399

 

Pond Inlet

Box 36, Located in Tununiq Sauniq Co-op

Pond Inlet NU X0A 0S0

Main Phone Number 1-855-772-1516

 

REGULATORY BODIES, REGISTRIES

Canada Revenue Agency

www.cra-arc.gc.ca

333 Laurier Avenue, Ottawa, ON, K1A 0L9

Toll-free: 1-800-696-9079

The CRA administers Canada’s tax laws, as well as programs delivered through the tax system. Inuktitut speaking personnel are available.

 

Office of the Fire Marshall

Department of Community and Government Services

Government of Nunavut

Bag 1000, STN 700, Iqaluit, NU, X0A 0H0

Phone: (867) 975-5310

Fax: (867) 979-4221

For fire and general safety requirements for your business contact the Fire Plan Review Officer at the Office of the Fire Marshall

 

Workers’ Safety and Compensation Commission of Nunavut

wscc.nt.ca

All businesses in Nunavut must register with the WSCC within 10 days of commencing operations.

Qamutiq Building, 2nd Floor

630 Queen Elizabeth Way

Box 669, Iqaluit, NU X0A 0H0

Toll-free: 1-877-404-4407

Phone: (867) 979-8500

Fax: (867) 979-8501

 

Legal Registries Division

Department of Justice

Government of Nunavut

http://www.gov.nu.ca/justice/information/legal-registries Box 1000, STN 570, Iqaluit, NU, X0A 0H0

Phone: (867) 975-6590

Fax: (867) 975-6594

Email: legal.registries@gov.nu.ca

Nunavut Legal Registries is responsible for registering businesses as sole proprietorships and partnerships in Nunavut, and can provide information and direction for businesses considering incorporation (for-profit corporations, non-profit societies, or co-operatives).

 

Nunavummi Nangminiqaqtunik Ikajuuti (NNI) Secretariat

Department of Economic Development and Transportation

Government of Nunavut

www.nni.gov.nu.ca

Box 1000, STN 1500, Iqaluit NU, X0A 0H0

Ron Dewar, Executive Coordinator

Toll free: 1-888-975-5999

Phone: (867) 975-7800

Fax: (867) 975-7870

Email: nniadmin@gov.nu.ca

The central goal of the NNI policy is to maximize the participation of Nunavut, Inuit and local businesses in Government of Nunavut contracting.

 

Inuit Firm Registry Database

http://inuitfirm.tunngavik.com/

Nunavut Tunngavik Incorporated

Box 638, Iqaluit, NU, X0A 0H0

Toll-free: 1-888-646-0006

Phone: (867) 975-4964

Fax: (867) 975-4949

The Government of Nunavut and Federal Government departments use this registry for procurement purposes, to determine which firms in Nunavut are considered Inuit-owned.

 

Tourism Establishment and Outfitter’s Licensing

Department of Economic Development & Transportation

Government of Nunavut

 

North Qikiqtaaluk

www.gov.nu.ca/edt

Phone: (867) 899-7338

Toll Free: 1-888-899-7338

Fax: (867) 899-7348

Email: edt@gov.nu.ca

 

South Qikiqtaaluk

www.gov.nu.ca/edt

Phone: (867) 473-2679

Toll Free: 1-844-737-8628

Email: edt@gov.nu.ca

 

Kivalliq

www.gov.nu.ca/edt

Director: Laura Mackenzie

Phone: (867) 645-8458

Toll Free: 1-844737-8627

Fax: (867) 645-8455

Email: edt@gov.nu.ca

 

Kitikmeot

www.gov.nu.ca/edt

Phone: (867) 982-7459

Toll Free: 1-844-475-1166

Fax: (867) 982-7453

Email: edt@gov.nu.ca

The Department of Economic Development and Transportation’s regional offices are the point of contact for businesses wishing to acquire a tourism establishment or outfitters licence.

 

INDUSTRY ASSOCIATIONS

Ajjiit, Nunavut Media Association

www.ajjiit.ca

Box 6011, Iqaluit, NU, X0A 0H0

Phone: (867) 979-6464 or 979-2672

Email: info@ajjiit.com or chardewolff@gmail.com

Ajjiit, Nunavut Media Association provides communications and training support to filmmakers in Nunavut’s film, television and new media industry.

 

Nunavut Arts & Crafts Association (NACA)

www.nacaarts.org

Box 1539, Iqaluit, NU, X0A 0H0

Suite #118, Astrohill

Toll-free in Nunavut: (866) 979-7808

Phone: (867) 979-7808

Fax: (867) 979-6880

NACA provides support for training, marketing, promotion, product development, materials and tool supplies, and serves as the principal support and information source for the arts and crafts sector.

 

Nunavut Tourism

www.nunavuttourism.com

Box 1450, Iqaluit, NU, X0A 0H0

Toll-free: 1-866-NUNAVUT (1-866-686-2888)

Toll-free outside of North America: 1-1800-491-7910

Member Services: (867) 979-6551

Email: info@nunavuttourism.com

Nunavut Tourism assists operators in establishing excellence in product design and delivery.

 

NWT & Nunavut Chamber of Mines

www.miningnorth.com

Suite103, 5102 50 Ave

Box 2818, Yellowknife, NT, X1A 2R1

Phone: (867) 873-5281

Fax: (867) 920-2145

Email: info@miningnorth.com

The chamber’s membership includes the north’s producing mines, exploration companies, drilling and aviation companies, various suppliers, expediters, prospectors, and a wide range of consultants serving the industry.

 

Nunavut Office

P.O. Box 1019

Unit 116, Tukturjuk Tower (8-Storey)

Astro Hill Complex

Iqaluit, NU X0A 0H0

Tel: (867) 979-5291

Fax: (780) 669-5681

 

SECTOR SUPPORT

Minerals and Petroleum Resources Division

Department of Economic Development and Transportation

Government of Nunavut

www.gov.nu.ca/edt

Building 1104A, Inuksugait Plaza

Box 1000, STN 1560, Iqaluit, NU X0A 0H0

Toll-free: 1-888-975-5999

Phone: (867) 975-7800

Fax: (867) 975-7870

Email: edt@gov.nu.ca

EDT’s Minerals & Petroleum Resources division oversees program delivery and promotes investment in Nunavut’s mineral and petroleum resources.

 

Fisheries and Sealing Division

Department of Environment

Government of Nunavut

http://www.gov.nu.ca/environment/information/fisheries-and-sealing 

Fisheries and Sealing Division

Department of Environment

Box 1000, STN 1390, Iqaluit, NU X0A 0H0

Phone: (867) 975-7700

Fax: (867) 975-7742

Email: environment@gov.nu.ca

DOE’s Fisheries and Sealing division oversees program delivery and acts as an advocate for the fisheries and sealing industry. Programs offered by the division include the Nunavut Coastal Resource Inventory and Nunavut Community Aquatic Monitoring Program.

 

Fuel Tax Rebate

Department of Finance

Government of Nunavut

http://www.gov.nu.ca/finance/information/fuel-tax-rebate-program

Box 1000, Station 200, Iqaluit, NU X0A 0H0

Toll-free: 1-877-212-6438

Phone: (867) 975-6000

Fax: (867) 975-6099

Businesses may be eligible for a fuel tax rebate for fuel used in off-road activities.

 

Nunavut Broadband Development Corporation (NBDC)

www.nunavut-broadband.ca

208 Sinaa Street

Box 2159, Iqaluit, NU X0A 0H0

Toll-free: 1-855-979-0575

Phone: (867) 975-0575

Email: oana@nunavut-broadband.ca

The NBDC is a not-for-profit, federally-registered corporation with a membership representing community, business and citizen interests which ensures individuals and businesses have access to affordable high-speed Internet services in all Nunavut communities.

 

Nunavut Film Development Corporation

www.nunavutfilm.ca

Box 2398, Iqaluit, NU X0A 0H0

Phone: (867) 979-3012

Fax: (867) 979-3013

Email: info@nunavutfilm.ca

The mandate at Nunavut Film is to foster and promote the development and growth of film, television and new media in Nunavut and to increase the national and international profile of the territory as a filming location.

 

Canadian Trade Commissioner Service (TCS)

Foreign Affairs and International Trade Canada

http://tradecommissioner.gc.ca/index.aspx?lang=eng

Toll-free in Canada: 1-888-306-9991

Phone: (613) 944-9991

Fax: (613) 996-9709

Email: quebec.tcs-sdc@international.gc.ca

The TCS provides practical advice on marketing strategies and up-to-date market and sector information to help Canadian companies do business abroad

 

Canadian Intellectual Property Office

https://www.cipo.ic.gc.ca/

Place du Portage I, 50 Victoria St., Room C-114.

Gatineau, QC, K1A 0C9

Phone: 1-866-997-1936

Fax: (819) 953-7620

Email: cipo.contact@ic.gc.ca

The CIPO is responsible for the administration and processing of the greater part of intellectual property in Canada.

 

D: Government Business Support Programs

 

Arts Development Program

Qualified artists and art organizations may apply for various types of funding under this program including travel, music production, marketing and innovation.

 

Government of Nunavut Programs that Support Business Development

For more information talk to your Community Economic Development Officer or the Canada-Nunavut
Business Service Centre.

 

ARTS DEVELOPMENT PROGRAM

Qualified artists and art organizations may apply for various types of funding under this program including travel, music production, marketing and innovation.

 

BUSINESS DEVELOPMENT CENTRES

Business development centres in each region support the development and growth of new and existing small and medium-sized businesses by providing loans and technical business support services.

 

CANADA-NUNAVUT BUSINESS SERVICE CENTRE

The Canada-Nunavut Business Service Centre offers a combination of products, services, publications and expert referrals to help clients get current and comprehensive business information on a wide range of topics such as writing a business plan, starting a business, finding new markets and preparing for exporting. The complexity of dealing with various levels of government is reduced by providing a single point of contact to a wide range of information on government services, programs and regulations pertaining to business. In addition, each centre has an extensive business reference collection of government and non-government information for use by the business client and information officers dedicated to assisting the client.

 

CHAMBERS OF COMMERCE

Assistance is provided to regional chambers of commerce to support business development through promotion, training, and advocacy.

 

COMMERCIAL FISHERIES FREIGHT SUBSIDY

This program subsidizes the freight costs for the product of commercial fishers and harvesters to allow them to be competitive with producers from outside Nunavut.

 

COMMUNITY TOURISM AND CULTURAL INDUSTRIES PROGRAM

This program strengthens community infrastructure and readiness for tourism, and enhances economic development in arts and tourism-related sectors of the economy.

 

COUNTRY FOOD DISTRIBUTION PROGRAM

The funds available through this program will support projects that help Nunavummiut meet their basic food needs by improving their access to country food.

 

FILM, TELEVISION AND NEW MEDIA DEVELOPMENT

This program provides support for Nunavut-based productions and co-productions for labour costs, development loans, marketing assistance, professional development and industry development & training.

 

FISHERIES DIVERSIFICATION

This program supports research and development initiatives that are of long-term, industry-wide benefit, and contributes to businesses, organizations, and individuals with viable fisheries development and diversification initiatives.

 

FUEL TAX REBATE

This program allows individuals to obtain a tax rebate for fuel oil or liquid petroleum gas consumed in vehicles engaged in off-road business activities such as hunting, fishing, trapping, outfitting, tourism, prospecting, quarrying and mineral exploration.

 

NUNAVUT BROADBAND DEVELOPMENT CORPORATION

The Nunavut Broadband Development Corporation ensures that individuals and businesses have access to affordable high-speed Internet services in all Nunavut communities

 

NUNAVUT BUSINESS CREDIT CORPORATION

Nunavut Business Credit Corporation provides accessible financing and micro-financing support for higher risk ventures, including term loans, loan guarantees and contract security bonding to businesses that cannot obtain the necessary financing from traditional financial institutions. The Nunavut Business Credit Corporation will provide individual loans of up to $1,000,000.

 

NUNAVUT DEVELOPMENT CORPORATION

The Nunavut Development Corporation supports business development in the arts & crafts and food production industries.

 

NUNAVUT MINE TRAINING FUND

This fund provides accountable contributions to develop, co-ordinate and execute mine training for Nunavummiut.

 

NUNAVUT PROSPECTORS PROGRAM

Qualified prospectors may apply for a contribution to cover basic expenses while exploring for new mineral occurrences in Nunavut.

 

SMALL BUSINESS SUPPORT PROGRAM

This program is primarily focused on providing up-and-coming small businesses, community organizations and individuals with support to grow. Program eligibility is limited to Nunavut Residents and business majority owned by Nunavut Residents. It contains three funds:

 

Small Business Opportunities Fund

This fund aims to help business start-ups and expansions. It includes support for developing business and marketing plans and also supports new pilot projects, and business "wind-downs".

 

Entrepreneur Development Fund

This assists business through training and skill development. Eligible training includes accounting, bookkeeping, business start-up, and tourism safety and risk management. It also assists in the establishment of business aftercare programs

 

Sustainable Livelihood Fund

This fund supports activity in the tourism, arts and crafts and harvesting sectors. It provides assistance to overcome immediate legal or bookkeeping problems and support the purchase of tools and other minor capital items. It also helps pay for tourism operators' liability insurance.

 

STRATEGIC INVESTMENTS PROGRAM

This program offers assistance to municipalities, not-for-profit corporations, societies and businesses majority-owned by Nunavut residents. Under the program, businesses can get a contribution to cover expansion or start-up costs. Municipalities, not-for-profit corporations and societies can get funding for training, marketing and community development. There are two funds within this program.

 

Nunavut Business Investment Fund

This helps a business complete a financing package for a major expansion or start-up. It provides contributions to Nunavut business ventures in strategic sectors of Nunavut’s economy

 

Nunavut Economic Foundations Fund

This fund helps build community economies and support regional economic development in key sectors of the Nunavut economy. It provides contributions for events, professional development, education and training, and physical community assets

 

For more information visit:

http://gov.nu.ca/edt/programs-services/small-business-support-program
http://gov.nu.ca/edt/programs-services/strategic-investments-program

 

 

 

E: Acronyms: words formed from the first letters of other words

 

ABC Aboriginal Business Canada
AC Atuqtuarvik Corporation
B2B Business-to-Business
BBDC Baffin Business Development Centre
BDC Business Development Bank of Canada
BN Business Number
CCA Capital Cost Allowance
CCB Community Capacity Building
CEDO Community Economic Development Officer (also EDO)
CEDO Inuit Community Economic Development Organization
CGS Department of Community and Government Services (Nunavut)
CNBSC Canada-Nunavut Business Service Centre
COGS Cost of Goods Sold
CRA Canada Revenue Agency (formerly CCRA)
CSBF Canada Small Business Financing Program
EDC Export Development Canada
EDO Economic Development Officer (also CEDO)
EDT Department of Economic Development and Transportation (Nunavut)
GST Goods and Services Tax
IBP Interactive Business Planner
INAC Indigenous and Northern Affairs Canada
KBDC Kivalliq (Keewatin) Business Development Centre
KCFI Kitikmeot Community Futures Incorporated
KEDC Kitikmeot Economic Development Commission
KPID Kivalliq Partners in Development
NACA Nunavut Arts & Crafts Association
NBCC Nunavut Business Credit Corporation
NBDC Nunavut Broadband Development Corporation
NDC Nunavut Development Corporation
NF Nunavut Film Development Corporation
NNI Nunavummi Nagminiqaqtunik Ikajuuti (Policy or Secretariat)
NPV Net Present Value
NT Nunavut Tourism
NUANS Newly Upgraded Automated Name Research
QC Qiqiktaaluk Corporation
R&D Research and Development
RFP Request for Proposal
RIO Regional Inuit organization
ROE Return on Equity
ROI Return on Investment
SBSP Small Business Support Program
SCIP Small Community Initiatives Program
SIP Strategic Investments Program
SMEs Small and Medium-sized Enterprises
SWOT Strengths, Weaknesses, Opportunities, Threats
UPC Universal Product Code
WSCC Workers’ Safety & Compensation Commission