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ARTICLE · 03 NOVEMBER 2023

Bill C-45: Legislative Updates Provide Enhanced Support To First Nations Financial Management

Borden Ladner Gervais LLP
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On June 20, 2023, the federal government adopted a wide-ranging set of updates to the First Nations Fiscal Management Act, S.C. 2005, c.9 (FNFMA).

CanadaGovernment, Public Sector
Chris Roine
Chris Roine
Claudia Wheler
Claudia Wheler
Les Honywill
Les Honywill
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On June 20, 2023, the federal government adopted a wide-ranging set of updates to the First Nations Fiscal Management Act, S.C. 2005, c.9 (FNFMA). This article gives an overview of the institutions and supports established under the FNFMA almost two decades ago, explains what's new as a result of the legislative updates, and gives some insights into current trends and issues for First Nations finance.

About the FNFMA

Enacted in 2005, the FNFMA created "opt-in" regulatory frameworks for financial management, property taxation and borrowing that allow First Nations1 to move beyond antiquated approaches embedded in the Indian Act. The FNFMA also established several First Nations institutions:

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