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Learn about the optional policy that aims to provide First Nations with more flexibility in accessing and managing their capital moneys.
The Policy on the Transfer of Capital Moneys Through Paragraph 64(1)(k) of the Indian Act aims to provide First Nations with more involvement in and control over the administration of their capital moneys. This policy is optional and applies only to the transfer of capital moneys per paragraph 64(1)(k) of the Indian Act. Through the policy, all capital moneys are transferred to an independent trust created and managed by the First Nation.
Through the policy, decision-making authority is placed with First Nations over the management of current and future capital moneys. This is done within the legislative framework of the Indian Act.
First Nations already managing their capital moneys through an independent trust no longer have to request approval from the Minister of Indigenous and Northern Affairs to spend the moneys for community projects and other expenses.
First Nations that decide to opt into this policy can still participate in, and benefit from, any federal government program.
Some benefits for First Nations opting into the policy include:
First Nations can:
First Nations must follow these steps to assume control through the policy:
The Policy on the Transfer of Capital Moneys Through Paragraph 64(1)(k) of the Indian Act was approved by the Minister of Indigenous and Northern Affairs on December 3, 2015.
During the policy's creation, INAC engaged with internal and external experts, as well as a number of interested First Nations to identify options for First Nations to have greater involvement in and control over the administration of their capital moneys.
Manual for the administration of band moneys