Three First Nations Added to Fiscal Management Act

Summary#

This Order adds three First Nations to the schedule of the First Nations Fiscal Management Act. The change took effect on July 2, 2020 and lets those First Nations use programs and tools set up under the Act if they choose.

What it does#

• Adds the names of Piapot First Nation, Teetl’it Gwich’in Band Council and Wolastoqiyik (Malecite) Wahsipekuk First Nation to the schedule of the First Nations Fiscal Management Act.
• Lets those First Nations opt in to services and tools under the Act, including:
  • setting up property tax systems under the Act and using tax or other local revenues for community projects;
  • seeking certification of financial performance and financial management systems;
  • applying to access the First Nations bond financing regime to borrow against revenue streams.
• This change was made at the request of each band council. The order itself does not force any of the First Nations to take any of these steps.

Who's affected#

• Directly: Piapot First Nation, Teetl’it Gwich’in Band Council and Wolastoqiyik (Malecite) Wahsipekuk First Nation.
• Also involved: the national institutions under the Act — the First Nations Finance Authority, the First Nations Tax Commission and the First Nations Financial Management Board — which provide services and certification.
• Indirectly: residents of those First Nations, lenders or investors who might finance projects, and local contractors and businesses if the communities choose to raise revenue or borrow for infrastructure.

Why it matters#

• Being on the schedule gives these First Nations the option to raise local revenues, improve financial systems, and access capital markets. That can make it easier to fund local infrastructure and community priorities.
• The order responds to requests from the band councils and is an enabling, optional step — it does not by itself change taxes or finances until a First Nation decides to use the Act’s tools.
• According to the government, adding names has no direct cost and is meant to support economic development and stronger financial management in those communities.