QUESTION PERIOD — Crown-Indigenous Relations and Northern Affairs
First Nations Fiscal Management Act
April 15, 2026
Senator Moreau, I wanted to dig a little deeper into Senator Prosper’s line of questioning. I have a lot of respect for the institutions under the First Nations Fiscal Management Act. They do a lot to advance economic development and participation, and I think that their past contributions have been invaluable. I fully recognize that we are in a time of austerity, but supporting these institutions would continue to deliver a real return on investment. Is the government looking at long-term, stable funding commitments around operational supports for these key institutions?
Senator Tannas, you know that I cannot comment on future government funding, although in the 19 years since the First Nations Fiscal Management Act, or FNFMA, came into force, thanks to the leadership and advocacy of First Nations across Canada, it has grown into a successful legislative regime, providing tools supporting First Nations fiscal management in taxation and pooled borrowing. The FNFMA has produced impressive results: 357 First Nations are included in the act, 146 First Nations collect their own property taxes with annual revenue over $99 million and 225 First Nations have achieved First Nations Financial Management Board certification.
These successes are why Budget 2025 proposed to amend the First Nations Fiscal Management Act to further enhance First Nations and Indigenous group access to capital for equity participation.
Thank you. I agree. I remember us rushing in 2023 to amend the FNFMA to stand up the First Nations Infrastructure Institute. That’s important, since we are looking, obviously, at building a lot of infrastructure in the next few years. Is that institution now fully stood up? Do they have a board? Do they have the funding they need?
Yes, my understanding is the First Nations Fiscal Management Act has become one of the most successful Indigenous-led economic frameworks in the country. More than 350 First Nations now participate, with strong uptake in taxation, financial certification and access to capital. Through this framework, First Nations have accessed over $4 billion in financing and are generating their own-source revenues, strengthening long-term fiscal independence.
