First Nations Financial Transparency Act

Update – First Nations Financial Transparency Act reporting

The audited consolidated financial statement and Schedule of Remuneration and Expenses for chiefs and councillors are now being updated to the First Nation profile section of the Aboriginal Affairs and Northern Development Canada website as they are received.

On March 27, 2013, the First Nations Financial Transparency Act received Royal Assent in Parliament. The legislation has resulted in basic First Nations financial information being published on the Aboriginal Affairs and Northern Development website as of July 2014. According to the legislation, First Nations have 120 days after the end of the financial year to publish the documents online.

The 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 of chief and council 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 is now required to publish, on the departmental website, the audited consolidated financial statement and the Schedule of Remuneration and Expenses of chief and council 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 held a free online webinar to answer questions about the new financial reporting requirements of the First Nations Financial Transparency Act on July 8, 2014. Participants were encouraged to ask questions to the panel of professionals. All questions and answers can be found in the webinar video.

Interactive Question and Answer Forum

Aboriginal Affairs and Northern Development Canada has contracted Publivate to host an online forum, to provide third-party information about financial reporting required of the First Nations Financial Transparency Act (FNFTA).

Contact Us

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