Northerners who invest through the program would get a tax break.

"The chamber executive supports anything that would attract incentive to the North," Baffin Regional Chamber of Commerce executive director Colleen Dupuis said.

The executive "eagerly awaits" more details, she said.

For companies, the proposed new program could mean new capital for start-up or expansion.

For Northern taxpayers, it means a tax credit and possible ownership in a Northern company -- maybe the company they work for.

But hold off on dreams of taking a controlling stake. Restructuring like that would need finance minister approval.

For the GNWT, it means $23.5 million less in tax revenue over the next six years -- that's if Northerners use up the maximum tax credit each year. For 1998, the maximum is a $1 million.

Finance Minister John Todd announced the tax credit program during the recent budget address.

It is "designed to encourage the private sector to market shares of NWT businesses to Northern taxpayers and encourage

Northern investors to purchase shares in up-and-coming Northern businesses," Todd said.

But Baffin Business Development Centre manager Matthew Spence said: "What's lacking is a capital market."

He wonders how Northerners will determine not only the opportunities but also the legitimacy of the company they might buy into. Without a NWT stock exchange, that's tough, he said.

"I don't think you'll see a huge amount of uptake."

The beneficiaries might only be existing sophisticated investors, he said.

Kakivik Construction president Tatty Simeoni felt the plan could help the economy.

"It will be another option for people looking to invest," he said.

Simeoni said he did not know if his Rankin Inlet-based company will offer new shares to new investors.

The company, he said, has three owners and with the seasonal nature of the business, opening up to a new investor might not be possible.

To run the program, administered for the GNWT by Revenue Canada, the GNWT will appoint two administrators, one for the West and one for Nunavut.

There are several eligibility requirements.

Businesses must be Canadian joint ventures, co-operatives or corporations incorporated in Canada and a NWT employer.

Shares must be newly issued and give voting rights, be eligible for dividends, permit voting and attendance at the AGM and get a share of assets if the company is dissolved.

As with all investments, assessing risk remains the domain of the investor.

Legislation on the proposed new tax credit program will likely be tabled during the current session of the legislative assembly.

This program could redirect some of the money Northerners are investing in southern-based mutual funds, Deputy finance minister Margaret Melhorn said.

This program offers Northerners a tax credit -- it reduces tax payable, she said.

Melhorn also said it reduces the cost of investing.