Seven First Nations Join Fiscal Management Act

Summary#

This order adds seven First Nations to the schedule of the First Nations Fiscal Management Act. That change lets those First Nations access the law’s financial tools and institutions. The order took effect on December 6, 2022.

What it does#

• Adds these First Nations to the schedule: Kebaowek First Nation, Kitsumkalum, Martin Falls, Musqueam, Pauquachin, Pelican Lake, and Waterhen Lake.
• Lets those First Nations access services and programs under the First Nations Fiscal Management Act, including services from the national institutions: First Nations Finance Authority, First Nations Tax Commission, and First Nations Financial Management Board.
• Gives those First Nations the option to:
  • set up a property tax system under the Act and use revenue for community projects;
  • seek certification of financial performance and financial management systems; and
  • apply to use a bond financing regime that can borrow against property tax or other revenue streams.
• The change was made after each band council requested to be added. The order comes into force on the day it was registered (December 6, 2022).

Who's affected#

• Directly affected: the seven named First Nations (Kebaowek First Nation, Kitsumkalum, Martin Falls, Musqueam, Pauquachin, Pelican Lake, Waterhen Lake) and their band governments.
• Other likely to notice: residents of those communities if their governments choose to introduce property taxation or other new local revenues; local businesses and property owners; lenders or investors considering community projects; and the national institutions named above.
• If a listed First Nation does not choose to use the Act’s tools, people in that community will see little or no immediate change.

Why it matters#

• These changes give the named First Nations optional tools to raise and manage money locally. That can help fund infrastructure, services, and economic development projects without relying solely on federal transfers.
• Certification and access to bond financing can make it easier for a First Nation to borrow at commercial scale and attract outside investment.
• It does not force any community to act. The impact depends on whether a band government decides to use property taxation, financial certification, or bond financing under the Act.