First Nations leaders and premiers open revenue-sharing talks

Canada’s federal, provincial and territorial first ministers met jointly with First Nations leaders on October 26 for the first such gathering in more than two decades, with revenue sharing from major projects among the central issues. Prime Minister Mark Carney said he had directed the federal finance minister to work with First Nations leaders on mechanisms that could include a First Nations Sovereign Wealth Fund. The announcement opens a design process; it does not establish a fund, specify its capital, or set rules for which nations or projects might participate.

The meeting addressed how First Nations could develop, operate and share in benefits from major infrastructure projects. In remarks after the meeting, Carney said the fund proposal came directly from First Nations and framed it as a possible way for communities and future generations to share in wealth generated by projects. The government release says Finance will work with First Nations leaders to determine how a fund could most effectively be established. It does not identify a legal structure, financing source, governance model, contribution formula, investment mandate or timeline for a decision.

A second announced route concerns borrowing authority. The government said it will amend the First Nations Fiscal Management Act to expand the First Nations Finance Authority’s lending authority to include Indigenous special purpose vehicles involved in economic development and resource projects. The stated purpose is to make it easier for First Nations to finance investments and share project returns. Legislation and implementation details will determine how the authority applies in practice; the announcement does not state loan volumes, rates, guarantees or project approvals.

The meeting also linked project participation to workforce preparation. Ottawa announced C$260 million over four years for a new Partnerships for Indigenous Workforce Readiness Fund, described as targeted funding to connect Indigenous people with jobs created by major projects. Carney’s remarks said the fund would be Indigenous-led. The government also said it was working on an Indigenous-focused stream within the C$8 billion Team Canada Strong initiative, whose stated aim is to train 100,000 Red Seal trades workers. These are announced program plans, not a reported count of people enrolled, trained or hired.

Emergency response and community safety formed another part of the agenda. The release announced more than C$2.5 billion over five years plus nearly C$450 million in ongoing funding across three named mechanisms: the Emergency Management Assistance Program, a wildland-urban interface firefighting initiative, and the First Nations Fire Protection Strategy. It said the funding is intended to support evacuations, emergency assistance, and rebuilding homes and critical infrastructure after disasters. Separately, the government announced more than C$630 million over four years and C$250 million in ongoing annual funding to renew and expand First Nations and Inuit policing agreements, along with C$140 million over four years for crime prevention and culturally sensitive community safety initiatives.

The scale of participation was significant: the federal release says nearly 200 chiefs and First Nations leaders attended alongside the prime minister and provincial and territorial premiers. The agenda also included possible reform or abolition of the Indian Act. Carney said ministers would work in partnership with First Nations to chart a path beyond the Act. The announcement documents a commitment to continue that work, but it does not describe a proposed legislative text, timetable, or agreed position among the participants. This distinction matters because the meeting brought together governments and rights-holders with different responsibilities and perspectives.

The federal government placed the new commitments alongside existing Indigenous programs and spending, including C$3.5 billion annually for on-reserve education, more than C$4 billion for Indigenous housing, and more than C$4.5 billion for water and wastewater infrastructure. It also said Indigenous Services Canada’s annual expenditure had reached C$26 billion in the previous year, after growing at an average annual rate of 15% since the department was created in 2018. These government-reported figures are context, not October-announcement costs or service-quality measures.

The immediate follow-up is collaborative design and legislative work. Finance is to engage First Nations on revenue-sharing options; the government says it will introduce amendments to the Fiscal Management Act; and program departments will have to translate new workforce, emergency and policing commitments into operational arrangements. The October 26 release provides a broad account of areas for action and announced amounts, while leaving out allocation criteria, disbursement schedules and outcome measures for several initiatives. Future assessments will need to track what is enacted, how First Nations shape decisions, who receives funding and whether communities gain durable ownership or revenue from projects.