Five First Nations Added to Fiscal Management Act

Summary#

This order adds the names of Iskut Nation, Nation Anishnabe du Lac Simon, Nooaitch, One Arrow First Nation and Tsq’escen’ First Nation to the schedule of the First Nations Fiscal Management Act. That allows those First Nations to opt into the Act’s financial tools (for example, property taxation, financial-management certification and access to bond financing). The order came into force on October 16, 2024.

What it does#

• Adds the names of the following First Nations to the schedule of the First Nations Fiscal Management Act:
  • Iskut Nation
  • Nation Anishnabe du Lac Simon
  • Nooaitch
  • One Arrow First Nation
  • Tsq’escen’ First Nation
• Lets those First Nations, if their councils choose, use options available under the Act, including:
  • creating a property tax system and using property-tax (or other) revenues for community projects;
  • seeking certification of financial performance and financial management systems;
  • applying to access a First Nations bond financing regime to borrow against local revenue streams.
• The Order takes effect on the day it was registered: October 16, 2024.

Who's affected#

• The five First Nations named above — Iskut Nation, Nation Anishnabe du Lac Simon, Nooaitch, One Arrow First Nation, Tsq’escen’ First Nation — are directly affected because they asked to be added.
• The national institutions that support the Act will be involved if these First Nations participate:
  • First Nations Finance Authority
  • First Nations Tax Commission
  • First Nations Financial Management Board
• Other communities or businesses are not directly changed by this order; participation is voluntary and starts only if a First Nation chooses to use the Act’s tools.

Why it matters#

• Joining the schedule gives a First Nation legal access to tools for raising local revenue and managing finances. That can help pay for infrastructure, housing, and community services without relying only on federal transfers.
• Access to the bond financing regime can make it easier to borrow money for larger projects by using predictable local revenues as security.
• The change is voluntary and requested by each community; it does not force other First Nations or outside parties to change how they operate.
• The government says no additional federal costs, environmental impacts or new regulatory burdens were identified for this administrative addition.