Achieving a National Purpose
Improving Territorial Formula Financing and Strengthening Canada's Territories
Description:... The review was launched as an outcome of the First Ministers' Meeting on Equalization and Territorial Formula Financing in October 2004.5 In relation to TFF, the Panel was specifically asked to provide advice to the Government of Canada on: • The allocation of TFF among the three territories • Ways of making the payments to the territories more stable and predictable • Ways of measuring the costs [...] Those factors also highlight the need to address the unique and very different perspectives of each of the territories and the purpose of TFF in helping the territories achieve their aspirations for the future. [...] But perhaps just as important, the Panel gained a deeper understanding of the unique challenges of the North, the territories' aspirations to achieve self-reliance and financial self-sufficiency, the com- plexity of the issues involved, and their strong desire to create a better future for all people in the territories. [...] One of the most promising opportunities for the territories is the potential One of the most promising opportuni- for and continued development of their rich natural resources, particularly ties for the territories is the potential oil, gas and diamonds. [...] At the same time, given the importance of the program to the territories and the amount of money involved, it's important to understand the basic ele- ments of the program and how it works.
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