First Nations Fiscal Management Act

First Nations Fiscal Management Act
Parliament of Canada
  • An Act to provide for powers of First Nations respecting taxation, financial administration and the provision of services on reserve lands, to facilitate First Nations’ access to financing secured by local revenues or other revenues, to establish a First Nations Tax Commission, First Nations Financial Management Board, First Nations Finance Authority and First Nations Infrastructure Institute and to make consequential amendments to other Acts
CitationS.C. 2005, c. 9
Assented to2005-03-23
Legislative history
First reading2004-12-13
Second reading2005-02-16
Third reading2005-03-21
First reading2004-12-13
Second reading2004-12-13
Third reading2004-12-10
Status: In force

The First Nations Fiscal Management Act is an act of the Parliament of Canada enacted to allow First Nations to become members of the First Nations Finance Authority and borrow money.[1][2]

Provisions

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The act establishes the First Nations Finance Authority, a "finance broker".[3] The First Nation Finance Authority can then issue bonds for the First Nations under its authority.[3]

Application

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As of 2018, 22 First Nations were included under the act.[3]

Reception

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The act has been criticised for excessive centralisation by Policy Options, before the 2023 amendments, but the amendments were supported.[2]

Further developments and amendments

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In 2023, the act was amended by Bill C-45 to "monetize capital dollars" spent by the federal government.[4]

During the 2025 Canadian federal election, the Conservative Party announced plans for a "permanent funding stream" for housing under the act.[5]

References

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  1. ^ McCarthy, Shawn (2023-03-21). "First Nations leaders urge Ottawa to cut red tape to build needed infrastructure". Corporate Knights. Archived from the original on 2023-03-21. Retrieved 2025-04-27.
  2. ^ a b Clarke, Allan (2018-12-12). "First Nations should have control of their own revenues". Policy Options. Institute for Research on Public Policy. Archived from the original on 2021-04-23. Retrieved 2025-04-27.
  3. ^ a b c Trembley, Connor (2019-10-29). "Westbank-based financial broker raises $170 million bond for 22 First Nations". Kelowna Capital News. Archived from the original on 2025-04-27. Retrieved 2025-04-27.
  4. ^ Reeve, Michael (2023-04-21). "'One of the critical steps': Bill C-45 to further economic reconciliation with First Nations communities". CFJC Today. Archived from the original on 2023-04-28. Retrieved 2025-04-27.
  5. ^ "Poilievre addresses the Assembly of First Nations on natural resources, campaign plan". CTV News. 2025-04-22. Archived from the original on 2025-04-22. Retrieved 2025-04-27.
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