Order Amending Schedule 2 to the First Nations Fiscal Management Act Adaptation Regulations: SOR/2026-167

Canada Gazette, Part II, Volume 160, Number 16

Registration
SOR/2026-167 July 28, 2026

FIRST NATIONS FISCAL MANAGEMENT ACT

Whereas, in accordance with subsection 141(2)footnote a of the First Nations Fiscal Management Act footnote b, the governing body of the Whitecap Dakota Nation has requested that the name of that Indigenous group be added to Schedule 2 to the First Nations Fiscal Management Act Adaptation Regulations;

Therefore, the Minister of Crown-Indigenous Relations makes the annexed Order Amending Schedule 2 to the First Nations Fiscal Management Act Adaptation Regulations under subsection 141(2)footnote a of the First Nations Fiscal Management Act footnote b.

Gatineau, July 24, 2026

Rebecca Alty
Minister of Crown-Indigenous Relations

Order Amending Schedule 2 to the First Nations Fiscal Management Act Adaptation Regulations

Amendment

1 Schedule 2 to the First Nations Fiscal Management Act Adaptation Regulations footnote 1 is amended by adding the following:

Coming into Force

2 This Order comes into force on the day on which it is registered.

REGULATORY IMPACT ANALYSIS STATEMENT

(This statement is not part of the Order.)

Issues

Self-governing and modern treaty Indigenous groups wishing to access lending from the First Nations Finance Authority based on their other revenues (i.e. government revenues, lease revenue, etc.) must be added to the schedule to the First Nations Fiscal Management Act Adaptation Regulations (Adaptation Regulations). Subsection 141(2) of the First Nations Fiscal Management Act states that, at the request of a self-governing Indigenous group, the Minister of Crown-Indigenous Relations may, by order, amend any schedule included in the Adaptation Regulations to add the name of the group to the list of Indigenous groups that are subject to those Regulations.

The following self-governing First Nation has requested to be added to Schedule 2 to the First Nations Fiscal Management Act Adaptation Regulations: Whitecap Dakota Nation (Saskatchewan).

Background

The First Nations Fiscal Management Act came into force on April 1, 2006. This Act supports economic development and well-being in First Nation communities by enhancing First Nations’ property taxation, creating a First Nations bond financing regime known as “pooled borrowing,” and supporting First Nations’ capacity in financial management. These objectives are achieved through the First Nation fiscal institutions established under the First Nations Fiscal Management Act. These institutions are the First Nations Finance Authority, the First Nations Tax Commission, the First Nations Financial Management Board and the First Nations Infrastructure Institute.

On October 10, 2025, the Government of Canada made the First Nations Fiscal Management Act Adaptation Regulations to provide opportunities for Indigenous groups that are party to a modern treaty or self-government agreement to access financing from the First Nations Finance Authority.

Under the First Nations Fiscal Management Act Adaptation Regulations, interested self-governing and modern treaty First Nations and Indigenous groups first need to opt in and be added to one of two schedules. Schedule 1 includes self-governing or modern treaty First Nations and Indigenous groups whose final agreements were concluded prior to 2017, before the development of the First Nations Fiscal Management Act Adaptation Regulations began. Because these final agreements may not have included specific provisions that facilitate pooled borrowing under the First Nations Fiscal Management Act, additional criteria need to be met by these self-governing or modern treaty First Nations and Indigenous groups in order to be eligible for membership and a loan from the First Nations Finance Authority. Schedule 2 includes self-governing or modern treaty First Nations and Indigenous groups, whose final agreements include provisions that facilitate pooled borrowing under the First Nations Fiscal Management Act.

Objective

The objective of this initiative is to add the name of the Whitecap Dakota Nation to Schedule 2 of the First Nations Fiscal Management Act Adaptation Regulations through an order made pursuant to subsection 141(2) of the First Nations Fiscal Management Act by the Minister of Crown-Indigenous Relations. The Whitecap Dakota Nation requested to be added to Schedule 2 of the First Nations Fiscal Management Act Adaptation Regulations. They are eligible to be added, since the Self-Government Treaty Recognizing the Whitecap Dakota Nation / Wapaha Ska Dakota Oyate contains the necessary provisions to facilitate borrowing under the Adaptation Regulations.

The Whitecap Dakota Nation will have the ability to apply for financing from the First Nations Finance Authority based on their other revenues (i.e. government revenue, lease revenue, etc.) once they are scheduled to the Adaptation Regulations and have satisfied the requirements for becoming a borrowing member of the First Nations Finance Authority.

Description

The Order Amending Schedule 2 to the First Nations Fiscal Management Act Adaptation Regulations, made pursuant to subsection 141(2) of the Act, adds the name of the following Indigenous group to Schedule 2 of the Adaptation Regulations: Whitecap Dakota Nation.

The Whitecap Dakota Nation may — should their government so choose — seek a compliance opinion and financial performance certification from the First Nations Financial Management Board (FNFMB) and, once certified, apply to the First Nations Finance Authority for financing based on their other revenues.

The compliance opinion of the FNFMB confirms that the legal framework of the self-governing or modern treaty Indigenous group does not conflict with the pooled borrowing regime and that their laws have met the standards established by the FNFMB.

The rules of the pool borrowing regime for self-governing and modern treaty First Nations and Indigenous groups scheduled to the Adaptation Regulations apply in an equivalent manner as they apply to First Nations who are bands within the meaning of the Indian Act and are participating in the First Nations Fiscal Management Act. For example, there are equivalent obligations to replenish the debt reserve fund and for intervention by the FNFMB if the self-governing or modern treaty First Nation or Indigenous group defaults on their loan or is at risk of default (i.e. the Adaptation Regulations provide the FNFMB the ability to enter into a co-management arrangement with the First Nation or Indigenous group or to assume third-party management of the First Nation’s or Indigenous group’s other revenues in order to remedy the reason behind the default).

Regulatory development

Consultation

Given that the Order Amending Schedule 2 to the First Nations Fiscal Management Act Adaptation Regulations implements a request by the aforementioned Indigenous group to come under the Adaptation Regulations, it was not considered necessary to undertake consultations over and above those already conducted by the aforementioned Indigenous group with the residents of their communities.

Indigenous engagement, consultation and modern treaty obligations

The First Nations Fiscal Management Act Adaptation Regulations were co-developed with self-governing and modern treaty Indigenous groups, and the addition of self-governing and modern treaty First Nations or Indigenous groups to a schedule in the Adaptation Regulations responds to the request, needs and interests of the aforementioned self-governing Indigenous group; it does not require the Government of Canada to take any additional steps to fulfil any consultation or engagement requirements described in a modern treaty or self-government agreement.

Instrument choice

Non-regulatory options were not considered, as subsection 141(2) of the First Nations Fiscal Management Act provides the authority for the Minister of Crown-Indigenous Relations to amend any schedule to the First Nations Fiscal Management Act Adaptation Regulations in order to add, change or delete the name of an Indigenous group.

Regulatory analysis

The Order Amending Schedule 2 to the First Nations Fiscal Management Act Adaptation Regulations is carried out in response to a request from the aforementioned Indigenous group that wishes to access some of the opportunities available under the Adaptation Regulations.

The Act and Adaptation Regulations together allow self-governing and modern treaty Indigenous groups to securitize their own revenue sources. This has the potential to greatly expand the opportunity for self-governing and modern treaty Indigenous groups to make investments from their own resources to finance infrastructure and economic development.

Benefits and costs

Together, the Act and Adaptation Regulations are one of a few optional frameworks that aims to facilitate access to capital for self-governing and modern treaty Indigenous groups, thus strengthening their governance capacity, economic development and well-being.

There are no costs associated with being listed on Schedule 2 of the Adaptation Regulations.

Once added to Schedule 2, self-governing and modern treaty First Nations and Indigenous groups could request to borrow at a lower rate of interest. This could generate significant annual savings on interest costs on long-term loans, as compared to commercial financing.

Small business lens

The small business lens does not apply to this initiative, as it does not impose any level of compliance and/or administrative costs on small businesses.

One-for-one rule

The one-for-one rule does not apply to this initiative, as it does not result in any administrative costs or savings for businesses.

Regulatory cooperation and alignment

Given that opting into the First Nations Fiscal Management Act Adaptation Regulations is made at the request of the aforementioned Indigenous group, this initiative is not under a regulatory cooperation work plan.

International obligations

This initiative does not impact international agreements.

Effects on the environment

In accordance with the Cabinet Directive on Strategic Environmental and Economic Assessment, a preliminary scan concluded that a strategic environmental and economic assessment is not required. Given that the Order Amending Schedule 2 to the First Nations Fiscal Management Act Adaptation Regulations results solely in the addition of the aforementioned Indigenous group to the schedule of the Adaptation Regulations, no potential environmental effects have been identified for this initiative.

Gender-based analysis plus

Given that the Order Amending Schedule 2 to the First Nations Fiscal Management Act Adaptation Regulations results solely in the addition of the aforementioned Indigenous group to the schedule of the Adaptation Regulations, no gender-based analysis plus (GBA+) issues have been identified for this initiative. A full GBA+ was completed for the First Nations Fiscal Management Act and the First Nations Fiscal Management Act Adaptation Regulations and found that the regime has the potential for positive impacts on Indigenous communities, including Indigenous women, elderly people and children.

The Adaptation Regulations have the potential to result in net benefits to these community members by facilitating opportunities for modern treaty or self-governing Indigenous governments to access financing on capital markets at fixed rates of interest for infrastructure and economic development that supports the well-being of the modern treaty or self-governing Indigenous group as a whole.

Implementation, compliance and enforcement, and service standards

There are no compliance and enforcement requirements associated with this initiative, and no implementation or ongoing costs can be directly associated with adding an Indigenous group to Schedule 2 of the First Nations Fiscal Management Act Adaptation Regulations.

Contact

Andrea Dykstra
Director
Fiscal Policy and Investment Readiness Directorate
Resolution and Partnerships Sector
10 Wellington Street
Gatineau, Quebec
K1A 0H4
Telephone: 343‑596‑4150