Government of Canada Seeking Input on Draft Capital Moneys Transfer Policy for First Nations

First Nations are encouraged to provide feedback and suggestions through online engagement process

OTTAWA, May 5, 2014 /CNW/ - Minister of Aboriginal Affairs and Northern Development Bernard Valcourt, today launched an online engagement process on a new draft policy proposal aimed at increasing flexibility for First Nations to better access and manage their capital moneys.

The improvements proposed would allow First Nations to take advantage of economic development opportunities and to reduce the administrative role of the federal government.

Under the Indian Act, capital moneys are moneys collected, received, or held by the federal government for First Nations' sole use and benefit resulting from the sale of surrendered land or the sale of non-renewable resources such as oil and gas. First Nations have expressed concerns at the length of time it takes to access capital funds through existing policies. As a result, through this proposed optional policy, the Government is looking at ways to help First Nations access their capital moneys more easily and more quickly.

From May 5 to July 4, 2014, interested parties are encouraged to provide their input on the draft Policy on the Transfer of Capital Moneys through various ways including, mail, e-mail, fax, and via an online feedback tool. Participants can share their perspectives on the policy and suggest changes or improvement. Input received will inform the drafting of the final policy.

Quick Facts

  • Currently, First Nations have over $620 million in capital moneys in the Consolidated Revenue Fund.
  • The draft policy proposal outlines the criteria for the transfer of Consolidated Revenue Funds to a trust which would be created and managed by First Nations.
  • The new process would allow for the creation of an independent trust to which the Indian Act would no longer apply. Therefore, First Nations would no longer have to request Ministerial approval to use their capital funds as required by the Indian Act.
  • First Nations would have the option to use the new approach or they could continue to have their moneys managed under the Indian Act.

Quotes

"Our Government continues to take concrete steps for healthier, more self-sufficient First Nations. We are responding to calls from First Nations who are asking for improved processes by proposing policy changes that would allow First Nations to take advantage of economic development opportunities, move at the speed of business, and build stronger communities."

Bernard Valcourt
Minister of Aboriginal Affairs and Northern Development

Additional links

SOURCE Aboriginal Affairs and Northern Development Canada

For further information:

Erica Meekes
Press Secretary
Office of the Minister of Aboriginal Affairs and Northern Development
819-997-0002

Media Relations
Aboriginal Affairs and Northern Development Canada
819-953-1160

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