PAQTNKEK: This Mi’kmaw Nation near Antigonish has been awarded a financial performance certificate that puts it in the top 10 per cent of the best managed First Nations in Canada.
The First Nations Financial Management Board, based in Vancouver, reviewed the band’s financial performance over a five-year period ending March 31, 2016.
This recognition is a way for First Nations to demonstrate their financial management expertise and credibility to their own members, other governments, investors and lenders. Paqtnkek joins Membertou First Nation as the second Nova Scotia band to receive this recognition in 2017.
Chief Paul (P.J.) Prosper commended the band council and staff for their diligence and commitment to meeting the national standards.
“We’ve set the bar high for financial performance and accountability,” he said.
“It’s especially important as we move forward with potential development around the proposed highway interchange commercial and retail project.”
Community members vote on July 13 on the transfer of reserve lands to the province, which has committed to build and maintain the $15 million interchange project over 30 months.
Also, the Canada Revenue Agency has announced that Paqtnkek, as a public body performing a function of government in Canada, is now eligible to receive gifts from registered charities and can issue official receipts to donors.
It means individual donors can claim a tax credit, and corporate donors can claim a deduction against its taxable income. The band is now included in the Canada Revenue Agency’s public listing.
To maintain its status as a registered donee, the band must continue to meet obligations spelled out in the federal Income Tax Act.