High Bar and Nisichawayasihk Join Fiscal Act

Summary#

The Order Amending the Schedule to the First Nations Fiscal Management Act adds two First Nations to the list of communities that can use the tools and services under the First Nations Fiscal Management Act. The order came into force on March 4, 2020.

What it does#

• Adds High Bar First Nation (British Columbia) and Nisichawayasihk Cree Nation (Manitoba) to the schedule of the First Nations Fiscal Management Act.
• Lets those First Nations choose to use services provided by the national institutions set up under the Act, including the First Nations Finance Authority, the First Nations Tax Commission, and the First Nations Financial Management Board.
• Makes available, if the First Nations decide to use them, tools such as local property taxation, financial-management certification, and access to a First Nations bond financing regime to borrow for community projects.

Who's affected#

• Residents, leaders and local governments of High Bar First Nation and Nisichawayasihk Cree Nation — they can now opt in to the Act’s programs.
• The three national institutions named above, which may work with these First Nations.
• Potential lenders, investors and contractors who might be involved if the First Nations choose to raise funds or develop projects under the Act.
• Others are not directly affected by this order; it only applies to the two First Nations that asked to be added.

Why it matters#

• It gives the two First Nations new, optional tools to raise local revenue and borrow for infrastructure and development projects.
• Those tools can help communities plan and pay for services and local projects without relying only on other funding sources.
• This is an optional change requested by the First Nations themselves; it does not impose new requirements on other communities or businesses.