Finance
The Nunatsiavut Government receives funding from various sources. The Labrador Inuit land claim agreement like most modern agreements included a capital transfer commonly known as compensation dollars and a one-time Implementation fund. Funds received in the first ten years have to last, so the Nunatsiavut Government intends to spend carefully and invest wisely.
The land claim agreement has a number of additional agreements, including a fiscal financing agreement with the federal government. Negotiations will start in 2007 on a fiscal financing agreement with the province. Nunatsiavut also has an own source revenue agreement, a tax treatment agreement and an income tax collection agreement. Negotiations are underway for a GST collection agreement with the federal government. There is a provincial tax revenue sharing agreement with the province and a framework taxation agreement with both levels of governments.
Own source revenues are those which the Nunatsiavut Government will collect and spend on behalf of the Labrador Inuit. These resources are not provided by federal or provincial governments. Own source revenues include property taxes, federal excise and personal income tax shared by the Government of Canada, business income, and investment income.
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