First Nations Financial Transparency Act

On November 23, 2011, Bill C-27, First Nations Financial Transparency Act was introduced in the House of Commons. The Act received Royal Assent on March 27, 2013 and it will result in basic financial information being published beginning in July 2014. First Nations Financial Transparency Act requires that First Nations, defined as an Indian band under the Indian Act, make their audited consolidated financial statements and a Schedule of Remuneration and Expenses available to their members as well as publish it on a website. These financial documents include:

  • audited consolidated financial statements
  • the Schedule of Remuneration and Expenses
  • the auditor's written report respecting the consolidated financial statements
  • the auditor's report or the review engagement report, as the case may be, respecting the Schedule of Remuneration and Expenses.

As well, starting in 2014-2015 and in compliance with the legislation, the Minister of Aboriginal Affairs and Northern Development will be required to publish, on the departmental website, the audited consolidated financial statement and the schedule of remuneration and expenses for each First Nation, when received.

This legislation was part of the Government's commitment in the 2011 Speech from the Throne to support democratic, transparent and accountable First Nation governments by requiring the public disclosure of remuneration and expenses of chiefs and councilors and First Nations’ audited consolidated financial statements.

The Act

You can read the complete First Nations Financial Transparency Act on the Department of Justice's website.

Learn More

Learn more about the First Nations Financial Transparency Act by consulting the following reference documents:

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Ask the Experts – Financial Reporting Webinar:

AANDC will be holding a free online webinar to answers questions about the new financial reporting requirements of the First Nations Financial Transparency Act. Participants require internet access and telephone service and are encouraged to ask questions to the panel of professionals. Please register by Monday July 7, 2014.

The webinar will be an interactive presentation:

Tuesday, July 8, 2014 – Bilingual Session: 1 p.m. EDT

Contact Us

Should you have any questions or comments on the First Nations Financial Transparency Act, please contact us for more information.