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.
- 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.
"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."
Minister of Aboriginal Affairs and Northern Development
- View the proposed policy and provide feedback
- FAQs: The Proposed Policy on the Transfer of Capital Moneys Through Section 64(1)(k) of the Indian Act
- Fact Sheet: The Proposed Policy on the Transfer of Capital Moneys Through Section 64(1)(k) of the Indian Act
- What AANDC is doing to promote economic development
- Indian Moneys Program
SOURCE Aboriginal Affairs and Northern Development CanadaFor further information:
Office of the Minister of Aboriginal Affairs and Northern Development
Aboriginal Affairs and Northern Development Canada
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