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Find out how First Nations can manage their band moneys. Learn about Indigenous and Northern Affairs Canada (INAC)'s responsibility to manage Indian moneys held in trust for First Nations and First Nations peoples.
Indian moneys are all moneys collected, received or held in trust by INAC for the use and benefit of First Nations and First Nations peoples. Indian Moneys are moneys that belong to the band. To learn about INAC's financial obligations as administrator of trust accounts for Indian moneys in 2015, visit: Trust accounts.
Indian moneys are held in the Consolidated Revenue Fund. The Consolidated Revenue Fund is where the total of public moneys are deposited, as defined under the Financial Administration Act.
There are two types of Indian moneys:
Individual moneys are managed by INAC on behalf of Status Indian minors and dependent adults (as defined in the Indian Act). These moneys are administered and accessed through the Living Estates Program according to sections 51 and 52 of the Indian Act.
An individual trust account holds assets belonging to a minor until that minor reaches the age of majority in their province of residence, at which time the account is paid out. Individual trust accounts are usually established in one of two situations:
Individual trust accounts administered by INAC accrue interest until the account is paid out. To learn more, visit Who is a minor?
Band moneys are managed by INAC on behalf of First Nations according to sections 61 to 69 of the Indian Act, which outline INAC's responsibilities for the collection, maintenance, spending and accounting of these moneys.
There are two types of band moneys:
Capital moneys are Indian moneys that come from the sale of the First Nation's surrendered lands (from an interest in land), or from the sale of the First Nation's non-renewable resources.
Capital moneys include:
Revenue moneys include all band moneys other than capital moneys.
Revenue moneys may include, but are not limited to proceeds from:
There are three methods for First Nations to have more control over band moneys:
To learn more about how First Nations under self-government agreements control their band moneys consult: Self-government.
Visit the Manual for the administration of band moneys to learn more.