Six First Nations Added to Fiscal Management Act
Order Amending the Schedule to the First Nations Fiscal Management Act: SOR/2020-245
An order adds six First Nations to the schedule of the First Nations Fiscal Management Act, giving them the option to use the Act's financial tools. These tools include creating a property tax system, seeking financial-management certification, and accessing a First Nations bond financing regime. The order was registered (effective) on 2020-11-18 and published in the Canada Gazette on 2020-12-09.
- Published
- December 9, 2020
- Department
- Unavailable
- Section
- Order Amending the Schedule to the First Nations Fiscal Management Act
- Comment deadline
- Unavailable
- Effective date
- November 18, 2020
- Publication part
- Part II
Summary
Summary#
The federal government issued an order that adds six First Nations to the schedule of the First Nations Fiscal Management Act. That change gives those First Nations the option to use the Act’s financial tools, such as property taxation, financial-management certification, and access to bond financing. The order took effect on its registration date, November 18, 2020, and was published in the Canada Gazette on December 9, 2020.
What it does#
- Adds these six First Nations to the schedule of the First Nations Fiscal Management Act:
- Cote First Nation
- Curve Lake First Nation
- Hagwilget First Nation
- We’koqma’q First Nation
- Yekooche First Nation
- Yellowknives Dene First Nation
- Makes those First Nations eligible to use services and programs set up under the Act, including:
- choosing to create a property tax system under the Act and use tax revenues for community projects;
- seeking certification of financial performance and financial management systems; and
- applying to use a First Nations bond financing regime to raise money using local revenue streams.
- The change was made after each band council requested to be added. The Act only gives First Nations the choice to use these tools; it does not force them to.
Who's affected#
- The six named First Nations and the residents of those communities are the primary parties affected.
- The national institutions that support the regime will be involved if a First Nation chooses to participate:
- First Nations Finance Authority
- First Nations Tax Commission
- First Nations Financial Management Board
- The federal department involved is Crown‑Indigenous Relations and Northern Affairs Canada.
- The order itself does not impose new costs or requirements on businesses or the general public unless a First Nation decides to use the Act’s tools.
Why it matters#
- Joining the schedule gives a First Nation new, optional tools to raise and manage money locally. That can help fund infrastructure, services, and economic projects without relying only on federal transfers.
- Certification and access to bond financing can make it easier for a First Nation to borrow money at better terms for community projects.
- Because the measures are optional, real-world effects will depend on each First Nation’s choices. The order simply makes those choices available.
Key topics
Source: Canada Gazette