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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: https://canadabusiness.ca/starting/checklists-and-guides-for-starting-a-...
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
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
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
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
Phone: (867) 899-7338
Toll Free: 1-888-899-7338
Fax: (867) 899-7348
Email: rkatsak@gov.nu.ca
South Qikiqtaaluk
Phone: (867) 473-2679
Toll Free: 1-844-737-8628
Email: edt@gov.nu.ca
Kivalliq
Phone: (867) 645-8458
Toll Free: 1-844737-8627
Fax: (867) 645-8455
Email: lmackenzie@gov.nu.ca
Kitikmeot
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
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
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
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
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
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
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
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
Phone: (867) 899-7338
Toll Free: 1-888-899-7338
Fax: (867) 899-7348
Email: edt@gov.nu.ca
South Qikiqtaaluk
Phone: (867) 473-2679
Toll Free: 1-844-737-8628
Email: edt@gov.nu.ca
Kivalliq
Director: Laura Mackenzie
Phone: (867) 645-8458
Toll Free: 1-844737-8627
Fax: (867) 645-8455
Email: edt@gov.nu.ca
Kitikmeot
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
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)
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
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
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
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)
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
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
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