Nunavut

Bursting With New Growth and Exciting Economic Opportunities

Canada’s newest territory is the size of Western Europe and roughly twice the size of the state of Texas. Nunavut is the youngest of the provinces and territories in Canada—created in 1999—but it is determined to make its mark on the world stage as a major economic player and an exciting place to do business. The territory harbours a wealth of natural resources spawning unprecedented opportunities in sectors ranging from mining to commercial fishing to eco-tourism. Nunavut is also an ideal location for scientific exploration and a pivotal business destination given the increased availability of the Northwest Passage. These reasons and more are why this fast-growing Northern community is a growing attraction for businesses and investors.

Business Environment

  • Industries are steadily growing and the opportunities for businesses are plentiful
  • Corporate tax rate of 4% on the first $200,000, the second lowest in Canada
  • Investors that partner with Inuit or Nunavut businesses may be eligible for generous financing, loans and wage subsidy programs
  • No sales tax or employer payroll tax and generous government incentives to foster economic development and encourage investment
  • Foreign manufacturers will find ample work providing the 600 housing units that are required each year
  • Experienced hoteliers and adventure tour operators can take advantage of the unique Inuit culture and outstanding natural beauty of Nunavut that draws 18,000 tourists every year

Workforce

  • Canada’s fastest growing population
  • Canada’s youngest population
  • Home to the Nunavut Arctic College, which includes Nunavut Research Institute

Other Key Advantages

  • Opened its first diamond mine in 2006 and in 2007, mineral exploitation expenditures were $234 million, up nearly ten-fold from 1999 levels
  • Known oil and gas resources rival those of Newfoundland, and the potential for additional discovery has been estimated as up to 20% of Canada’s future resource
  • Fisheries have a landed value in excess of $100 million
  • Well served from other parts of Canada by both sea and air; communities are interconnected by regular reliable air service
  • Successfully establishing new commercial turbot, shrimp and char fisheries that offer global markets access to a unique range of foods

Sector Strengths

  • Arts & crafts
  • Construction
  • Fishing & hunting
  • Mining & exploration
  • Tourism