Manitoba

Education and Training

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Young Entrepreneurs Program Definitions

Capital Costs

As a general rule, capital costs are objects that you can see and touch (car, building, land and furniture). These assests will often have a longer useful life and therefore may include depreciation allowances for tax purposes. Computers and software are considered eligible by the program.

Full operation

The Young Entrepreneurs program uses a number of criteria to define full operation of a business. This program looks at the date that the applicant began making purchases and other details related to the delivery of good or services on behalf of the business.

The program will determine when the owner(s) began to be fully engaged in the operation of this enterprise (ie: leaving previous employment or completed area of study) demonstrating a change in employment activity. Additionally, the program will review the dates used for tax purposes, to indicate official business start date.

Fair market value

The value of the asset(s) if it were to be re-sold. This may also include an examination of the replacement cost of the asset(s). Determination that the asset(s) value is real and has not been over or under represented for the purpose of the program application.

Full-time basis

On average, the youth business owner is personally involved for a minimum of 30 hours per week in the provision of services, development of products and administration of the business which directly relate to the venture.

Good will

A cost which may be added to the purchase price of an existing business. This cost may include actual customer or client lists, but may also include intangible items such as community relations and profile.

Principal applicant

The principal applicant is the person who submits the program application on behalf of the business venture. If the business is not a sole proprietorship, this principal applicant must be at least an equal partner or share holder in the business and have a role in the management and administration of the business activities. The program will request supporting documentation to verify partnership and corporate ownership.

Self-governing and self-regulating professional occupational categories

In Manitoba there are 24 self governing professions and occupations. The list of Manitoba professional occupations found below are not eligible to apply to the Young Entrepreneurs program for assistance to operate a business venture providing these professional services.

The following occupations are regulated in Manitoba by the Licensing Regime and only those who are qualified individuals are permitted to provide the regulated service:

Occupations Regulated in Manitoba by the Licensing Regime

Agrologist Land Surveyor Pharmacist
Architect Lawyer Physician or Surgeon
Chiropodist Licensed Practical Nurse Physiotherapist
Chiropractor Midwives Psychiatric Nurse
Dentist Naturopath Registered Nurse
Denturist Occupational Therapist Respiratory Therapist
Engineer Ophthalmic Dispenser/Optician Speech & Hearing Therapist
Geoscientist Optometrist Veterinarian

 

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