Four First Nations Added to Fiscal Act

Summary#

The Order Amending the Schedule to the First Nations Fiscal Management Act (SOR/2023-259) adds four First Nations to the list of communities that can use the Act’s financial tools. The order came into force on December 5, 2023 and was published in the Canada Gazette on December 20, 2023.

What it does#

• Adds these four First Nations to the Act’s schedule: Liard First Nation, Loon River Cree, Pabineau and Wolf Lake.
• Makes those First Nations eligible to use services provided through the national institutions created under the First Nations Fiscal Management Act, including:
  • First Nations Finance Authority
  • First Nations Tax Commission
  • First Nations Financial Management Board
• Lets the named First Nations choose to set up property tax systems under the Act, seek certification of their financial management, and apply for bond financing based on their revenue streams.
• The change is optional for each First Nation; adding a name does not by itself impose taxes or require any specific action.

Who's affected#

• The four named communities: Liard First Nation, Loon River Cree, Pabineau and Wolf Lake — these band councils asked to be added.
• Residents and local governments in those communities, who could see new local revenue tools or debt-financing for projects if their councils choose to use them.
• The national institutions that support the regime: First Nations Finance Authority, First Nations Tax Commission, First Nations Financial Management Board.
• Other parties (for example, lenders or investors) may be affected later if a First Nation uses the Act to raise money, but the order itself only adds names to the schedule.

Why it matters#

• Being on the schedule gives a First Nation access to more modern financial tools. That can make it easier to raise money for local infrastructure and community projects.
• It allows communities to strengthen financial management and to borrow through a bond-style regime, which can attract outside investment.
• The change was done at the request of the band councils and carries no direct cost to the federal government. It is an option, not a requirement, for the named First Nations.