Four First Nations Added to Fiscal Act

Summary#

The Order Amending the Schedule to the First Nations Fiscal Management Act: SOR/2020-24 adds four First Nations to the list of communities that can use the tools created under the First Nations Fiscal Management Act. The order came into force on February 12, 2020 (the day it was registered).

What it does#

• Adds these four First Nations to the Act’s schedule:
  • Big Island Lake Cree Nation
  • Cumberland House Cree Nation
  • Inuvik Native Band
  • Montana First Nation
• Lets those First Nations access services from the national institutions set up by the Act:
  • First Nations Finance Authority
  • First Nations Tax Commission
  • First Nations Financial Management Board
• Gives those First Nations the option to:
  • set up a property tax system under the Act,
  • seek certification of financial management and performance,
  • apply for access to a bond financing regime that can use their revenue streams to borrow for projects.

Who's affected#

• Directly: the four named First Nations — Big Island Lake Cree Nation, Cumberland House Cree Nation, Inuvik Native Band, and Montana First Nation.
• Indirectly: residents of those communities and any local governments or organizations that would be involved if the First Nations choose to use property taxation, financial certification, or bond financing.
• The change was made after requests from the band councils of those First Nations, so it applies only if their governments choose to use the Act’s tools.

Why it matters#

• Joining the Act gives these First Nations new practical tools to raise and manage money for local priorities. That can make it easier to fund infrastructure, economic development, and services on reserve.
• The Act’s programs can open access to larger-scale borrowing (bond financing) tied to local revenue streams, which can change how projects are paid for.
• The change itself imposes no new costs or requirements on businesses or other communities — it simply makes these options available to the four First Nations if they decide to use them.