Carney and First Nations Leaders Agree to Develop a Sovereign Wealth Fund and New Revenue Sharing in Ottawa

Prime Minister Mark Carney convened a meeting between First Nations leadership and First Ministers in Ottawa on Monday, October 26, 2026, the first meeting of its kind in two decades. Nearly 200 First Nations chiefs and leaders attended alongside the prime minister and provincial and territorial premiers.

The leaders agreed to develop new revenue sharing mechanisms, including the potential creation of a new First Nations Sovereign Wealth Fund. Carney directed the Minister of Finance to work with First Nations leaders on how to establish such a fund so First Nations peoples have a direct stake in major projects.

Carney said: "Canada's strength comes from what we can build and what we achieve together. That means working in partnership, government to government, to ensure that First Nations not only have the opportunity to build their community and country stronger, but to share in the wealth we create, including through new revenue tools such as a First Nations Sovereign Wealth Fund."

Financing, jobs and fire protection

The federal government will amend the First Nations Fiscal Management Act to expand the First Nations Finance Authority's lending authority, making it easier for First Nations to secure financing to invest in major projects.

The government announced 260 million dollars over four years to establish the new Partnerships for Indigenous Workforce Readiness Fund, to connect Indigenous Peoples with job opportunities created by major projects. It also announced an Indigenous focused stream of the 8 billion dollar Team Canada Strong initiative for paid entry level trades jobs.

Carney announced more than 2.5 billion dollars over five years, and nearly 450 million dollars in ongoing funding, for emergency management, wildland urban interface firefighting and the First Nations Fire Protection Strategy. The money is to help communities conduct evacuations, provide emergency assistance and rebuild after disasters.

Policing and community safety

The government announced more than 630 million dollars over four years, alongside 250 million dollars in ongoing annual funding, to renew and expand First Nations and Inuit Policing Program agreements. It also announced an additional 140 million dollars over four years for crime prevention and culturally sensitive community safety initiatives in Indigenous communities.

A path beyond the Indian Act

The leaders discussed reforming or abolishing the Indian Act as part of modernising the Crown's relationship with First Nations. Carney reaffirmed his commitment to charting a path beyond the Indian Act and directed ministers to work in partnership with First Nations to develop that path. At the press conference he also said he is open to a process, co-developed with First Nations, to reform or abolish the Indian Act, responding to a request from Manitoba Premier Wab Kinew.

Mandy Gull-Masty, Minister of Indigenous Services, said: "Today marked more than a meeting. It marked a renewed commitment to work together, nation-to-nation, on the priorities First Nations have identified for our peoples and our communities."

In December 2025, at the Assembly of First Nations Special Chiefs Assembly, Carney committed to convene a First Ministers and First Nations meeting in 2026. Monday's meeting in Ottawa was that meeting, and the leaders left with work assigned on the fund, on revenue sharing and on the path beyond the Indian Act. This outcome follows the ceremony in Ottawa on Sunday that opened the summit, covered by The Orbit Post in its preview of the meeting.