Idle No More: More About That FN Trust

There’s been a lot of talk about how much money is being held in trust for First Nations peoples.  Some say non-Native people are footing the bill 100% for First Nations peoples.  Others say that Native people are paying their own way 100%.  But most people don’t know what to believe about who pays for what, or how much money is being held by the federal government that belongs to First Nations peoples.

I’ve done serious research on the matter for weeks now, and I thought I’d give readers and followers alike a taste of what I’ve learned courtesy of federal government documents.

Let’s start with this quote from Collections Canada:

“[quote] The amount at the credit of the various Indian bands and of individual Indians, for whom the Government hold moneys in trust, aggregated in principal and interest on the 30th June, 1890, $3,479,200.99 [end quote].”

So there was almost $3.5 MILLION dollars already being held in trust for First Nations peoples back in 1890.   No, the date isn’t a typo.  I didn’t mean 1980.  I meant 1890.  And no, the amount isn’t a typo.  It’s right there in the federal government archives and supported by proper documentation from 1890.

Now pay attention to the first part of that sentence:

The amount at the credit of the various Indian bands and of individual Indians, for whom the Government hold moneys in trust, …

Take a look at these two important parts of the first part of the sentence:

The amount at the credit of the various Indians bands and of individual Indians

and

for whom the Government hold moneys in trust

That’s very clear as to how much money was being held in trust and for whom.

Now let’s take that $3,479,200.99 (and just that amount) at a compounded interest rate of 2% per year, to calculate how much that amount from 1890 would become by June 2013.

(SPECIAL NOTE:  I’ve included the math for those who doubt that the figures are correct.)

Year 1, compounding time #1

Current principal is $3479200.00
Interest earned on $3479200.00 is $3479200.00 × 0.02 = 69584.00
This makes your new principal $3479200.00 + $69584.00 = $3,548,784.00

Year 2, compounding time #1

Current principal is $3548784.00
Interest earned on $3548784.00 is $3548784.00 × 0.02 = 70975.68
This makes your new principal $3548784.00 + $70975.68 = $3,619,759.75

Year 3, compounding time #1

Current principal is $3619759.75
Interest earned on $3619759.75 is $3619759.75 × 0.02 = 72395.20
This makes your new principal $3619759.75 + $72395.20 = $3,692,155.00

Year 4, compounding time #1

Current principal is $3692155.00
Interest earned on $3692155.00 is $3692155.00 × 0.02 = 73843.10
This makes your new principal $3692155.00 + $73843.10 = $3,765,998.00

Year 5, compounding time #1

Current principal is $3765998.00
Interest earned on $3765998.00 is $3765998.00 × 0.02 = 75319.96
This makes your new principal $3765998.00 + $75319.96 = $3,841,318.00

Year 6, compounding time #1

Current principal is $3841318.00
Interest earned on $3841318.00 is $3841318.00 × 0.02 = 76826.36
This makes your new principal $3841318.00 + $76826.36 = $3,918,144.25

Year 7, compounding time #1

Current principal is $3918144.25
Interest earned on $3918144.25 is $3918144.25 × 0.02 = 78362.88
This makes your new principal $3918144.25 + $78362.88 = $3,996,507.25

Year 8, compounding time #1

Current principal is $3996507.25
Interest earned on $3996507.25 is $3996507.25 × 0.02 = 79930.14
This makes your new principal $3996507.25 + $79930.14 = $4,076,437.50

Year 9, compounding time #1

Current principal is $4076437.50
Interest earned on $4076437.50 is $4076437.50 × 0.02 = 81528.75
This makes your new principal $4076437.50 + $81528.75 = $4,157,966.25

Year 10, compounding time #1

Current principal is $4157966.25
Interest earned on $4157966.25 is $4157966.25 × 0.02 = 83159.32
This makes your new principal $4157966.25 + $83159.32 = $4,241,125.50

Year 11, compounding time #1

Current principal is $4241125.50
Interest earned on $4241125.50 is $4241125.50 × 0.02 = 84822.51
This makes your new principal $4241125.50 + $84822.51 = $4,325,948.00

Year 12, compounding time #1

Current principal is $4325948.00
Interest earned on $4325948.00 is $4325948.00 × 0.02 = 86518.96
This makes your new principal $4325948.00 + $86518.96 = $4,412,467.00

Year 13, compounding time #1

Current principal is $4412467.00
Interest earned on $4412467.00 is $4412467.00 × 0.02 = 88249.34
This makes your new principal $4412467.00 + $88249.34 = $4,500,716.50

Year 14, compounding time #1

Current principal is $4500716.50
Interest earned on $4500716.50 is $4500716.50 × 0.02 = 90014.33
This makes your new principal $4500716.50 + $90014.33 = $4,590,731.00

Year 15, compounding time #1

Current principal is $4590731.00
Interest earned on $4590731.00 is $4590731.00 × 0.02 = 91814.62
This makes your new principal $4590731.00 + $91814.62 = $4,682,545.50

Year 16, compounding time #1

Current principal is $4682545.50
Interest earned on $4682545.50 is $4682545.50 × 0.02 = 93650.91
This makes your new principal $4682545.50 + $93650.91 = $4,776,196.50

Year 17, compounding time #1

Current principal is $4776196.50
Interest earned on $4776196.50 is $4776196.50 × 0.02 = 95523.93
This makes your new principal $4776196.50 + $95523.93 = $4,871,720.50

Year 18, compounding time #1

Current principal is $4871720.50
Interest earned on $4871720.50 is $4871720.50 × 0.02 = 97434.41
This makes your new principal $4871720.50 + $97434.41 = $4,969,155.00

Year 19, compounding time #1

Current principal is $4969155.00
Interest earned on $4969155.00 is $4969155.00 × 0.02 = 99383.10
This makes your new principal $4969155.00 + $99383.10 = $5,068,538.00

Year 20, compounding time #1

Current principal is $5068538.00
Interest earned on $5068538.00 is $5068538.00 × 0.02 = 101370.76
This makes your new principal $5068538.00 + $101370.76 = $5,169,909.00

Year 21, compounding time #1

Current principal is $5169909.00
Interest earned on $5169909.00 is $5169909.00 × 0.02 = 103398.18
This makes your new principal $5169909.00 + $103398.18 = $5,273,307.00

Year 22, compounding time #1

Current principal is $5273307.00
Interest earned on $5273307.00 is $5273307.00 × 0.02 = 105466.14
This makes your new principal $5273307.00 + $105466.14 = $5,378,773.00

Year 23, compounding time #1

Current principal is $5378773.00
Interest earned on $5378773.00 is $5378773.00 × 0.02 = 107575.46
This makes your new principal $5378773.00 + $107575.46 = $5,486,348.50

Year 24, compounding time #1

Current principal is $5486348.50
Interest earned on $5486348.50 is $5486348.50 × 0.02 = 109726.97
This makes your new principal $5486348.50 + $109726.97 = $5,596,075.50

Year 25, compounding time #1

Current principal is $5596075.50
Interest earned on $5596075.50 is $5596075.50 × 0.02 = 111921.51
This makes your new principal $5596075.50 + $111921.51 = $5,707,997.00

Year 26, compounding time #1

Current principal is $5707997.00
Interest earned on $5707997.00 is $5707997.00 × 0.02 = 114159.94
This makes your new principal $5707997.00 + $114159.94 = $5,822,157.00

Year 27, compounding time #1

Current principal is $5822157.00
Interest earned on $5822157.00 is $5822157.00 × 0.02 = 116443.14
This makes your new principal $5822157.00 + $116443.14 = $5,938,600.00

Year 28, compounding time #1

Current principal is $5938600.00
Interest earned on $5938600.00 is $5938600.00 × 0.02 = 118772.00
This makes your new principal $5938600.00 + $118772.00 = $6,057,372.00

Year 29, compounding time #1

Current principal is $6057372.00
Interest earned on $6057372.00 is $6057372.00 × 0.02 = 121147.44
This makes your new principal $6057372.00 + $121147.44 = $6,178,519.50

Year 30, compounding time #1

Current principal is $6178519.50
Interest earned on $6178519.50 is $6178519.50 × 0.02 = 123570.39
This makes your new principal $6178519.50 + $123570.39 = $6,302,090.00

Year 31, compounding time #1

Current principal is $6302090.00
Interest earned on $6302090.00 is $6302090.00 × 0.02 = 126041.80
This makes your new principal $6302090.00 + $126041.80 = $6,428,132.00

Year 32, compounding time #1

Current principal is $6428132.00
Interest earned on $6428132.00 is $6428132.00 × 0.02 = 128562.64
This makes your new principal $6428132.00 + $128562.64 = $6,556,694.50

Year 33, compounding time #1

Current principal is $6556694.50
Interest earned on $6556694.50 is $6556694.50 × 0.02 = 131133.89
This makes your new principal $6556694.50 + $131133.89 = $6,687,828.50

Year 34, compounding time #1

Current principal is $6687828.50
Interest earned on $6687828.50 is $6687828.50 × 0.02 = 133756.56
This makes your new principal $6687828.50 + $133756.56 = $6,821,585.00

Year 35, compounding time #1

Current principal is $6821585.00
Interest earned on $6821585.00 is $6821585.00 × 0.02 = 136431.70
This makes your new principal $6821585.00 + $136431.70 = $6,958,016.50

Year 36, compounding time #1

Current principal is $6958016.50
Interest earned on $6958016.50 is $6958016.50 × 0.02 = 139160.33
This makes your new principal $6958016.50 + $139160.33 = $7,097,177.00

Year 37, compounding time #1

Current principal is $7097177.00
Interest earned on $7097177.00 is $7097177.00 × 0.02 = 141943.53
This makes your new principal $7097177.00 + $141943.53 = $7,239,120.50

Year 38, compounding time #1

Current principal is $7239120.50
Interest earned on $7239120.50 is $7239120.50 × 0.02 = 144782.41
This makes your new principal $7239120.50 + $144782.41 = $7,383,903.00

Year 39, compounding time #1

Current principal is $7383903.00
Interest earned on $7383903.00 is $7383903.00 × 0.02 = 147678.06
This makes your new principal $7383903.00 + $147678.06 = $7,531,581.00

Year 40, compounding time #1

Current principal is $7531581.00
Interest earned on $7531581.00 is $7531581.00 × 0.02 = 150631.61
This makes your new principal $7531581.00 + $150631.61 = $7,682,212.50

Year 41, compounding time #1

Current principal is $7682212.50
Interest earned on $7682212.50 is $7682212.50 × 0.02 = 153644.25
This makes your new principal $7682212.50 + $153644.25 = $7,835,857.00

Year 42, compounding time #1

Current principal is $7835857.00
Interest earned on $7835857.00 is $7835857.00 × 0.02 = 156717.14
This makes your new principal $7835857.00 + $156717.14 = $7,992,574.00

Year 43, compounding time #1

Current principal is $7992574.00
Interest earned on $7992574.00 is $7992574.00 × 0.02 = 159851.47
This makes your new principal $7992574.00 + $159851.47 = $8,152,425.50

Year 44, compounding time #1

Current principal is $8152425.50
Interest earned on $8152425.50 is $8152425.50 × 0.02 = 163048.50
This makes your new principal $8152425.50 + $163048.50 = $8,315,474.00

Year 45, compounding time #1

Current principal is $8315474.00
Interest earned on $8315474.00 is $8315474.00 × 0.02 = 166309.47
This makes your new principal $8315474.00 + $166309.47 = $8,481,783.00

Year 46, compounding time #1

Current principal is $8481783.00
Interest earned on $8481783.00 is $8481783.00 × 0.02 = 169635.66
This makes your new principal $8481783.00 + $169635.66 = $8,651,419.00

Year 47, compounding time #1

Current principal is $8651419.00
Interest earned on $8651419.00 is $8651419.00 × 0.02 = 173028.38
This makes your new principal $8651419.00 + $173028.38 = $8,824,447.00

Year 48, compounding time #1

Current principal is $8824447.00
Interest earned on $8824447.00 is $8824447.00 × 0.02 = 176488.94
This makes your new principal $8824447.00 + $176488.94 = $9,000,936.00

Year 49, compounding time #1

Current principal is $9000936.00
Interest earned on $9000936.00 is $9000936.00 × 0.02 = 180018.72
This makes your new principal $9000936.00 + $180018.72 = $9,180,955.00

Year 50, compounding time #1

Current principal is $9180955.00
Interest earned on $9180955.00 is $9180955.00 × 0.02 = 183619.09
This makes your new principal $9180955.00 + $183619.09 = $9,364,574.00

Year 51, compounding time #1

Current principal is $9364574.00
Interest earned on $9364574.00 is $9364574.00 × 0.02 = 187291.47
This makes your new principal $9364574.00 + $187291.47 = $9,551,865.00

Year 52, compounding time #1

Current principal is $9551865.00
Interest earned on $9551865.00 is $9551865.00 × 0.02 = 191037.30
This makes your new principal $9551865.00 + $191037.30 = $9,742,902.00

Year 53, compounding time #1

Current principal is $9742902.00
Interest earned on $9742902.00 is $9742902.00 × 0.02 = 194858.03
This makes your new principal $9742902.00 + $194858.03 = $9,937,760.00

Year 54, compounding time #1

Current principal is $9937760.00
Interest earned on $9937760.00 is $9937760.00 × 0.02 = 198755.20
This makes your new principal $9937760.00 + $198755.20 = $10,136,515.00

Year 55, compounding time #1

Current principal is $10136515.00
Interest earned on $10136515.00 is $10136515.00 × 0.02 = 202730.30
This makes your new principal $10136515.00 + $202730.30 = $10,339,245.00

Year 56, compounding time #1

Current principal is $10339245.00
Interest earned on $10339245.00 is $10339245.00 × 0.02 = 206784.89
This makes your new principal $10339245.00 + $206784.89 = $10,546,030.00

Year 57, compounding time #1

Current principal is $10546030.00
Interest earned on $10546030.00 is $10546030.00 × 0.02 = 210920.59
This makes your new principal $10546030.00 + $210920.59 = $10,756,951.00

Year 58, compounding time #1

Current principal is $10756951.00
Interest earned on $10756951.00 is $10756951.00 × 0.02 = 215139.02
This makes your new principal $10756951.00 + $215139.02 = $10,972,090.00

Year 59, compounding time #1

Current principal is $10972090.00
Interest earned on $10972090.00 is $10972090.00 × 0.02 = 219441.80
This makes your new principal $10972090.00 + $219441.80 = $11,191,532.00

Year 60, compounding time #1

Current principal is $11191532.00
Interest earned on $11191532.00 is $11191532.00 × 0.02 = 223830.64
This makes your new principal $11191532.00 + $223830.64 = $11,415,363.00

Year 61, compounding time #1

Current principal is $11415363.00
Interest earned on $11415363.00 is $11415363.00 × 0.02 = 228307.25
This makes your new principal $11415363.00 + $228307.25 = $11,643,670.00

Year 62, compounding time #1

Current principal is $11643670.00
Interest earned on $11643670.00 is $11643670.00 × 0.02 = 232873.39
This makes your new principal $11643670.00 + $232873.39 = $11,876,543.00

Year 63, compounding time #1

Current principal is $11876543.00
Interest earned on $11876543.00 is $11876543.00 × 0.02 = 237530.86
This makes your new principal $11876543.00 + $237530.86 = $12,114,074.00

Year 64, compounding time #1

Current principal is $12114074.00
Interest earned on $12114074.00 is $12114074.00 × 0.02 = 242281.47
This makes your new principal $12114074.00 + $242281.47 = $12,356,355.00

Year 65, compounding time #1

Current principal is $12356355.00
Interest earned on $12356355.00 is $12356355.00 × 0.02 = 247127.09
This makes your new principal $12356355.00 + $247127.09 = $12,603,482.00

Year 66, compounding time #1

Current principal is $12603482.00
Interest earned on $12603482.00 is $12603482.00 × 0.02 = 252069.64
This makes your new principal $12603482.00 + $252069.64 = $12,855,552.00

Year 67, compounding time #1

Current principal is $12855552.00
Interest earned on $12855552.00 is $12855552.00 × 0.02 = 257111.03
This makes your new principal $12855552.00 + $257111.03 = $13,112,663.00

Year 68, compounding time #1

Current principal is $13112663.00
Interest earned on $13112663.00 is $13112663.00 × 0.02 = 262253.25
This makes your new principal $13112663.00 + $262253.25 = $13,374,916.00

Year 69, compounding time #1

Current principal is $13374916.00
Interest earned on $13374916.00 is $13374916.00 × 0.02 = 267498.31
This makes your new principal $13374916.00 + $267498.31 = $13,642,414.00

Year 70, compounding time #1

Current principal is $13642414.00
Interest earned on $13642414.00 is $13642414.00 × 0.02 = 272848.28
This makes your new principal $13642414.00 + $272848.28 = $13,915,262.00

Year 71, compounding time #1

Current principal is $13915262.00
Interest earned on $13915262.00 is $13915262.00 × 0.02 = 278305.22
This makes your new principal $13915262.00 + $278305.22 = $14,193,567.00

Year 72, compounding time #1

Current principal is $14193567.00
Interest earned on $14193567.00 is $14193567.00 × 0.02 = 283871.34
This makes your new principal $14193567.00 + $283871.34 = $14,477,438.00

Year 73, compounding time #1

Current principal is $14477438.00
Interest earned on $14477438.00 is $14477438.00 × 0.02 = 289548.75
This makes your new principal $14477438.00 + $289548.75 = $14,766,987.00

Year 74, compounding time #1

Current principal is $14766987.00
Interest earned on $14766987.00 is $14766987.00 × 0.02 = 295339.72
This makes your new principal $14766987.00 + $295339.72 = $15,062,327.00

Year 75, compounding time #1

Current principal is $15062327.00
Interest earned on $15062327.00 is $15062327.00 × 0.02 = 301246.53
This makes your new principal $15062327.00 + $301246.53 = $15,363,574.00

Year 76, compounding time #1

Current principal is $15363574.00
Interest earned on $15363574.00 is $15363574.00 × 0.02 = 307271.47
This makes your new principal $15363574.00 + $307271.47 = $15,670,845.00

Year 77, compounding time #1

Current principal is $15670845.00
Interest earned on $15670845.00 is $15670845.00 × 0.02 = 313416.91
This makes your new principal $15670845.00 + $313416.91 = $15,984,262.00

Year 78, compounding time #1

Current principal is $15984262.00
Interest earned on $15984262.00 is $15984262.00 × 0.02 = 319685.22
This makes your new principal $15984262.00 + $319685.22 = $16,303,947.00

Year 79, compounding time #1

Current principal is $16303947.00
Interest earned on $16303947.00 is $16303947.00 × 0.02 = 326078.94
This makes your new principal $16303947.00 + $326078.94 = $16,630,026.00

Year 80, compounding time #1

Current principal is $16630026.00
Interest earned on $16630026.00 is $16630026.00 × 0.02 = 332600.50
This makes your new principal $16630026.00 + $332600.50 = $16,962,626.00

Year 81, compounding time #1

Current principal is $16962626.00
Interest earned on $16962626.00 is $16962626.00 × 0.02 = 339252.50
This makes your new principal $16962626.00 + $339252.50 = $17,301,878.00

Year 82, compounding time #1

Current principal is $17301878.00
Interest earned on $17301878.00 is $17301878.00 × 0.02 = 346037.56
This makes your new principal $17301878.00 + $346037.56 = $17,647,916.00

Year 83, compounding time #1

Current principal is $17647916.00
Interest earned on $17647916.00 is $17647916.00 × 0.02 = 352958.31
This makes your new principal $17647916.00 + $352958.31 = $18,000,874.00

Year 84, compounding time #1

Current principal is $18000874.00
Interest earned on $18000874.00 is $18000874.00 × 0.02 = 360017.47
This makes your new principal $18000874.00 + $360017.47 = $18,360,892.00

Year 85, compounding time #1

Current principal is $18360892.00
Interest earned on $18360892.00 is $18360892.00 × 0.02 = 367217.84
This makes your new principal $18360892.00 + $367217.84 = $18,728,110.00

Year 86, compounding time #1

Current principal is $18728110.00
Interest earned on $18728110.00 is $18728110.00 × 0.02 = 374562.19
This makes your new principal $18728110.00 + $374562.19 = $19,102,672.00

Year 87, compounding time #1

Current principal is $19102672.00
Interest earned on $19102672.00 is $19102672.00 × 0.02 = 382053.44
This makes your new principal $19102672.00 + $382053.44 = $19,484,726.00

Year 88, compounding time #1

Current principal is $19484726.00
Interest earned on $19484726.00 is $19484726.00 × 0.02 = 389694.50
This makes your new principal $19484726.00 + $389694.50 = $19,874,420.00

Year 89, compounding time #1

Current principal is $19874420.00
Interest earned on $19874420.00 is $19874420.00 × 0.02 = 397488.41
This makes your new principal $19874420.00 + $397488.41 = $20,271,908.00

Year 90, compounding time #1

Current principal is $20271908.00
Interest earned on $20271908.00 is $20271908.00 × 0.02 = 405438.16
This makes your new principal $20271908.00 + $405438.16 = $20,677,346.00

Year 91, compounding time #1

Current principal is $20677346.00
Interest earned on $20677346.00 is $20677346.00 × 0.02 = 413546.91
This makes your new principal $20677346.00 + $413546.91 = $21,090,892.00

Year 92, compounding time #1

Current principal is $21090892.00
Interest earned on $21090892.00 is $21090892.00 × 0.02 = 421817.84
This makes your new principal $21090892.00 + $421817.84 = $21,512,710.00

Year 93, compounding time #1

Current principal is $21512710.00
Interest earned on $21512710.00 is $21512710.00 × 0.02 = 430254.19
This makes your new principal $21512710.00 + $430254.19 = $21,942,964.00

Year 94, compounding time #1

Current principal is $21942964.00
Interest earned on $21942964.00 is $21942964.00 × 0.02 = 438859.28
This makes your new principal $21942964.00 + $438859.28 = $22,381,824.00

Year 95, compounding time #1

Current principal is $22381824.00
Interest earned on $22381824.00 is $22381824.00 × 0.02 = 447636.47
This makes your new principal $22381824.00 + $447636.47 = $22,829,460.00

Year 96, compounding time #1

Current principal is $22829460.00
Interest earned on $22829460.00 is $22829460.00 × 0.02 = 456589.19
This makes your new principal $22829460.00 + $456589.19 = $23,286,050.00

Year 97, compounding time #1

Current principal is $23286050.00
Interest earned on $23286050.00 is $23286050.00 × 0.02 = 465721.00
This makes your new principal $23286050.00 + $465721.00 = $23,751,772.00

Year 98, compounding time #1

Current principal is $23751772.00
Interest earned on $23751772.00 is $23751772.00 × 0.02 = 475035.44
This makes your new principal $23751772.00 + $475035.44 = $24,226,808.00

Year 99, compounding time #1

Current principal is $24226808.00
Interest earned on $24226808.00 is $24226808.00 × 0.02 = 484536.16
This makes your new principal $24226808.00 + $484536.16 = $24,711,344.00

Year 100, compounding time #1

Current principal is $24711344.00
Interest earned on $24711344.00 is $24711344.00 × 0.02 = 494226.88
This makes your new principal $24711344.00 + $494226.88 = $25,205,570.00

Year 101, compounding time #1

Current principal is $25205570.00
Interest earned on $25205570.00 is $25205570.00 × 0.02 = 504111.38
This makes your new principal $25205570.00 + $504111.38 = $25,709,682.00

Year 102, compounding time #1

Current principal is $25709682.00
Interest earned on $25709682.00 is $25709682.00 × 0.02 = 514193.62
This makes your new principal $25709682.00 + $514193.62 = $26,223,876.00

Year 103, compounding time #1

Current principal is $26223876.00
Interest earned on $26223876.00 is $26223876.00 × 0.02 = 524477.50
This makes your new principal $26223876.00 + $524477.50 = $26,748,354.00

Year 104, compounding time #1

Current principal is $26748354.00
Interest earned on $26748354.00 is $26748354.00 × 0.02 = 534967.06
This makes your new principal $26748354.00 + $534967.06 = $27,283,322.00

Year 105, compounding time #1

Current principal is $27283322.00
Interest earned on $27283322.00 is $27283322.00 × 0.02 = 545666.44
This makes your new principal $27283322.00 + $545666.44 = $27,828,988.00

Year 106, compounding time #1

Current principal is $27828988.00
Interest earned on $27828988.00 is $27828988.00 × 0.02 = 556579.75
This makes your new principal $27828988.00 + $556579.75 = $28,385,568.00

Year 107, compounding time #1

Current principal is $28385568.00
Interest earned on $28385568.00 is $28385568.00 × 0.02 = 567711.38
This makes your new principal $28385568.00 + $567711.38 = $28,953,280.00

Year 108, compounding time #1

Current principal is $28953280.00
Interest earned on $28953280.00 is $28953280.00 × 0.02 = 579065.56
This makes your new principal $28953280.00 + $579065.56 = $29,532,346.00

Year 109, compounding time #1

Current principal is $29532346.00
Interest earned on $29532346.00 is $29532346.00 × 0.02 = 590646.94
This makes your new principal $29532346.00 + $590646.94 = $30,122,992.00

Year 110, compounding time #1

Current principal is $30122992.00
Interest earned on $30122992.00 is $30122992.00 × 0.02 = 602459.81
This makes your new principal $30122992.00 + $602459.81 = $30,725,452.00

Year 111, compounding time #1

Current principal is $30725452.00
Interest earned on $30725452.00 is $30725452.00 × 0.02 = 614509.00
This makes your new principal $30725452.00 + $614509.00 = $31,339,960.00

Year 112, compounding time #1

Current principal is $31339960.00
Interest earned on $31339960.00 is $31339960.00 × 0.02 = 626799.19
This makes your new principal $31339960.00 + $626799.19 = $31,966,760.00

Year 113, compounding time #1

Current principal is $31966760.00
Interest earned on $31966760.00 is $31966760.00 × 0.02 = 639335.19
This makes your new principal $31966760.00 + $639335.19 = $32,606,096.00

Year 114, compounding time #1

Current principal is $32606096.00
Interest earned on $32606096.00 is $32606096.00 × 0.02 = 652121.88
This makes your new principal $32606096.00 + $652121.88 = $33,258,218.00

Year 115, compounding time #1

Current principal is $33258218.00
Interest earned on $33258218.00 is $33258218.00 × 0.02 = 665164.38
This makes your new principal $33258218.00 + $665164.38 = $33,923,384.00

Year 116, compounding time #1

Current principal is $33923384.00
Interest earned on $33923384.00 is $33923384.00 × 0.02 = 678467.69
This makes your new principal $33923384.00 + $678467.69 = $34,601,852.00

Year 117, compounding time #1

Current principal is $34601852.00
Interest earned on $34601852.00 is $34601852.00 × 0.02 = 692037.00
This makes your new principal $34601852.00 + $692037.00 = $35,293,888.00

Year 118, compounding time #1

Current principal is $35293888.00
Interest earned on $35293888.00 is $35293888.00 × 0.02 = 705877.75
This makes your new principal $35293888.00 + $705877.75 = $35,999,764.00

Year 119, compounding time #1

Current principal is $35999764.00
Interest earned on $35999764.00 is $35999764.00 × 0.02 = 719995.25
This makes your new principal $35999764.00 + $719995.25 = $36,719,760.00

Year 120, compounding time #1

Current principal is $36719760.00
Interest earned on $36719760.00 is $36719760.00 × 0.02 = 734395.19
This makes your new principal $36719760.00 + $734395.19 = $37,454,156.00

Year 121, compounding time #1

Current principal is $37454156.00
Interest earned on $37454156.00 is $37454156.00 × 0.02 = 749083.12
This makes your new principal $37454156.00 + $749083.12 = $38,203,240.00

Year 122, compounding time #1

Current principal is $38203240.00
Interest earned on $38203240.00 is $38203240.00 × 0.02 = 764064.81
This makes your new principal $38203240.00 + $764064.81 = $38,967,304.00

Year 123, compounding time #1

Current principal is $38967304.00
Interest earned on $38967304.00 is $38967304.00 × 0.02 = 779346.06
This makes your new principal $38967304.00 + $779346.06 = $39,746,652.00

For those who doubt that my math is sound but who suffer from a form of dyscalcula (from mild to severe), I located a compound interest calculator on the Royal Bank of Canada website.  Just click HERE and you can input any number up to $999,999 CDN at an estimated rate of between 2% and 20% for anywhere between 1 to 99 years.

In other words, choosing 2% interest compounded once a year over the past 123 years was a conservative (pardon the pun) interest rate to choose.

At any rate, the amount of money “at the credit of the various Indian bands and of individual Indians, for whom the Government hold moneys in trust” in 1890 should have grown to at least almost $40 MILLION as of June 30, 2013.

With the additional monies that have been deposited into various trust accounts “at the credit of various Indian bands and of individual Indians” over the years, it becomes easier and easier to understand that the total amount of all those trust funds could easily add up to billions of dollars.  After all, inflation rates and years when the interest was much higher than the 2% used to calculate weren’t taken into account, and neither were additional deposits made to those accounts thanks to various business agreements, leases, et al.

Is it so difficult to believe that with money like that in the bank, that First Nations peoples aren’t paying their own bills?  Do the math.  Talk to your financial adviser.  See your bank manager.  Present them with this scenario and ask them if it’s more likely than not that almost $3.5 MILLION can become almost $40 MILLION at 2% interest compounded annually over 123 years.

Elyse Bruce

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Idle No More: Held In Trust

This article, written by ƝɨѕhҠѡe , was first published on West Coast Native News on Wednesday, 23 January 2013.  Permission to republish this article was made to West Coast Native News and ƝɨѕhҠѡe prior to republication. 

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First Nations pay for ALL their own programs and services from the money “Held In Trust” by Canada. It is NOT TAXPAYER MONEY!!! Those programs and services are NOT FREE, they are contracted as a PURCHASE OF SERVICE.

TAXES pay for Canadian programs and services. First Nations don’t pay the taxes that provide programs and services to other Canadians. If a First Nations member lives or works off the First Nation they are taxed in the same manner as every other Canadian. None of those taxes benefit the First Nations communities even if the worker lives on a First Nation.

Since First Nations don’t pay for Non-Native programs and services, if their students attend “public schools” they have to pay “tuition”. First Nations pay for all education out of their allocated budgets and at a higher cost than other Canadians.

Here is an example: My reserve has no secondary school. Tuition to the public secondary school is “more than” $8,000/student, plus other fees and transportation.

If 20 grade 8 graduates attend the high school
20 students X $8,000 = $160,000/year
If each year we have 4 grades of 20 students
4X $160,000 = $640,000 (tuition for 1 year, plus fees and transportation)

For any special need student the tuition is 3 times the student tuition. This example is a conservative estimate of what my reserve pays each year “just for secondary school tuition”.
=============

YOU are the one who is being subsidized. Your individual taxes don’t even cover the costs of the programs and services available to you.

How much tuition do Non-Natives pay? “$0” How much do Non-Natives pay for school bus transportation? “$0” How much do you pay for health care? “$0”

Health Care for First Nations is paid out of their “Trust Funds” as a provincial TRANSFER PAYMENT whether they have access to health care or not. In fact, First Nations DO NOT have (as you say) the same ability to use the exact same health care as everyone else. That’s what the Chiefs are fighting for “the same” health care as every other Canadian resident.

First Nations are sovereign Nations. Canada declared First Nations citizens in the 1960s. First Nations did not ask to become citizens. Citizenship was imposed on them. The laws were changed to make it legal for First Nation members to leave the reserves and they were made citizens, so those that left the reserves could be taxed.

It’s the governments who decide how much of THEIR OWN money First Nations/Native Americans can have. The Chiefs have to fight to access their own money. It’s amazing how you can look at how YOU live and at how many First Nations/Native Americans are forced to live and think they have “special privileges”.

Indian Moneys Program

Indian Moneys means all moneys collected, received or held by Her Majesty for the use and benefit of Indians and/or bands. There are two types of Indian moneys: capital and revenue.

The Indian Moneys program is responsible for the administration of Indian moneys held within the CRF for the use and benefit of Indians and/or bands.

Band Moneys

In some cases, Indian and Northern Affairs Canada (INAC) has specific responsibilities for managing moneys that belong to First Nations bands. These moneys are generated through band-owned resources such as oil and gas.

ƝɨѕhҠѡe

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SUGGESTED ADDITIONAL READING

About That FN Trust by Elyse Bruce

Show Me The Money by Elyse Bruce

What This White Man Thinks Indians Deserve by Thomas D. Taylor

Who’s On The Hook For FN Programs by Elyse Bruce

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Idle No More: About That FN Trust

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Thank you to the following who re-posted or re-published
this article to their websites and/or blog sites:

Censored News

Chippewas Of Rama Community

Mohawk Nation News

Native Economies

Scoop It

West Coast Native News

Hidden Treasures

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Before writing about how some of those continuing payment annual sums are spent for the benefit of First Nations peoples, I have to write about the First Nations Trust Fund.   The reason I have to address the First Nations Trust Fund first has to do with some of the comments I received on Twitter after sharing yesterday’s blog article with the Twitterverse.  The comments to which I’m referring are those that allege that any money paid out to First Nations peoples is charity money.

Over the past few days, a document by Robofraud has been circulating online that states that the First Nations Trust Fund is over $2 TRILLION and earns an annual interest of over $35 BILLION.

A trust is a way to hold property that lets Trustees manage the money so it benefits a defined beneficiary.  The property that makes up the Trust is usually defined by a written trust agreement.  The written trust agreements in this case are the treaties.

The Aboriginal Affairs and Northern Development Canada  (AANDC) provided this information with regards to the monies being held in the First Nations Trust Fund as of March 31, 2009.

FN Trust Fund_01

Is it possible that the over $2 TRILLION claimed in the Robofraud statement is correct?  Since the only figures I was able to find date back to 2009 when it was at $1.15 BILLION, it’s not likely that the amount in 2013 is $2 TRILLION.  Could it be $2 BILLION? Could be.

Still, $2 BILLION is a sizable amount of money as is the interest $2 BILLION generates on a quarterly basis.

That being said, the First Nations Trust Fund isn’t the only money that belongs to First Nations peoples that is handled by the AANDC.    According to the website, the Department “may issue licences, permits, and other instruments to individuals and organizations that propose to undertake resource exploration and other types of development projects.”  That money also belongs to First Nations peoples, doesn’t it?  If the resource exploration and development projects weren’t on First Nations property, there wouldn’t be any  need for AANCD to involve itself ergo the revenues generated from “licenses, permits and other instruments to individuals and organizations” is First Nations revenues, is it not?

And how about the monies held in accounts that the AANDC identifies as Indian moneys suspense accounts?  An Indian moneys suspense account is meant to hold monies “received for individual Indians and bands pending execution of the related lease, permit or licence, settlement of litigation, registration of the Indian or identification of the recipient.”  The AANDC website goes on to state that “[t]hese moneys are then disbursed to an Indian, credited to an Indian Band Fund or Individual Trust Fund account, or returned to the payer, as appropriate.”

What about the Environmental Studies Research Fund Account?  It’s part of the AANDC as well and records levies pursuant to the Canada Petroleum Resources Act.  If it wasn’t part of the First Nations portfolio, AANDC wouldn’t be dealing with it.

And how about those Special Accounts as identified under Section 63 of the Indian Act — the accounts where funds such as deposits and payments on leases are held for individuals, held to be split between individuals and bands?  AANDC controls that money as well.

Indian Estate Accounts need to be included in the total amount of money AANDC controls since Indian Estate Accounts (pursuant to Sections 42 to 51 and 52.3 of the Indian Act) have funds from the estates of deceased First Nations peoples, those deemed mentally incompetent, and ‘missing’ First Nations peoples.   Factoring in the Indian Savings Accounts that are in keeping with Sections 52 and 52.1 to 52.5 of the Indian Act and pretty soon, that $2 BILLION figure from the First Nations Trust Fund is considerably more.

And contrary to popular misconception, Indian Moneys Suspense Accounts aren’t what one might think they are.  In the Public Accounts Of Canada document for 2011-2012, the Indian Moneys Suspense Accounts are described as accounts to “hold moneys received for individual Indians and bands, that cannot be disbursed to an Indian, or credited to an Indian Band Fund or Individual Trust Fund account, pending execution of the related lease, permit or licence, settlement of litigation, registration of the Indian or identification of the recipient.

In other words, there’s all kinds of money that belongs to First Nations peoples that isn’t part of the First Nations Trust Fund, and AANDC controls all of it.

But wait, there’s more!” as they say on those television infomercials!

Have the monies due the First Nations peoples from natural resources been taken into consideration as part of FN revenues?  What natural resources, you ask?

Natural Resources Canada_Aboriginal_image

The next thing to look at, then, are the fiduciary duties of the government towards First Nations peoples.  According to the AANDC website, the Trust Fund Management System (TFMS) “is an application used to manage Indian Moneys in Trust. The responsibilities and authorities as outlined by the Indian Act allow the Minister to manage the Indian Moneys as a fiduciary (Statutory obligation of the Minister’s fiduciary responsibilities to collect, receive and hold moneys for the use and benefit of Indians or bands and to manage and expend Indian Moneys in accordance with the Indian Act.) ”

The next time someone says that First Nations peoples are getting a free ride from taxpayers or that First Nations peoples are mismanaging the money the government gives them, step back and share facts with individuals, corporations and government departments who are riding the slammin’ bandwagon.

Education is one of the strongest weapons against ignorance.

Elyse Bruce

Idle No More: Indians Cost So Much

Lately, there have been some who are bemoaning that the Department of Indian Affairs and Northern Development (now known as Aboriginal Affairs and Northern Development Canada) was spending $922 per registered Indian in 1950, and today, Aboriginal Affairs and Northern Development Canada (formerly known as the Department of Indian Affairs and Northern Development) is spending $9,056 per status First Nations person.

They point to such documents as those published by the Fraser Institute to support their claim that Indigenous peoples are getting far more financial support from the government than they deserve.

Let’s compare 1950 with today so we can see if the claims of those who decry this spending have merit.

The information in this article comes from government files which means they are factual.  They aren’t interpretations or anecdotal, romanticized memories from those who lived in 1950.  They are not “Richie Cunningham of Happy Days” representations.  They are facts.

In 1950, the average family income was $3,300; today, the average family income is $51,107.

In 1950, the average cost of a brand new car was $1,150; today, the average cost of a brand new car is $31,252.

In 1950, the median rent was $75 per month; today, the median rent is $1,025 per month.

In 1950, the median price for a brand new home was $7,354; today, the median price for a brand new home is $188,900.

The following is the only non-government fact, and it’s included because it can be verified as accurate and factual.  A quick trip to your local McDonald’s franchise restaurant will confirm today’s prices.

Back in 1950, these were the prices McDonald’s customers paid for a meal combo when they visited McDonald’s.  This combo originally cost $0.45 back in 1950!

Meal Combo_McDonald's_1950

With the help of a CPI Inflation Calculator, the facts indicated that same meal should cost $4.45  … with that meal including a “triple-thick and delicious shake” and not just a carbonated drink.  Good luck getting that same meal combo with a shake at that price these days anywhere in the U.S. or Canada!

And now back to government researched facts.

In 1950, movie tickets were $0.65 each; today, movie tickets cost $9.00 each.

In 1950, it cost $0.03 to mail a letter in Canada to an address in Canada; today, it costs $0.85 to mail a letter in Canada to an address in Canada.

In 1950, gasoline cost $0.18 per gallon or about $0.05 per litre since gas was pumped by the gallon in 1950 in Canada and is now pumped by the litre; today, gasoline costs $1.24 per liter or the equivalent of $4.69 per gallon.

What’s my point in comparing the cost of living in 1950 and the cost of living today?  After all, everyone’s aware that inflation has kicked the daylights out of everyone over the decades.  But in light of all that, how does this apply to what was paid out by Department of Indian Affairs and Northern Development in 1950 and what is paid out by Aboriginal Affairs and Northern Development Canada these days?

Using the CPI Inflation Calculator, $922 in 1950 is the equivalent of $9,115 in today’s economy.  But the Harper government is only paying out $9,056!

Since $9,056 is being spent per First Nations person in today’s economy, that means the Harper government is paying out less$59 per person less — than the [Louis Stephen St. Laurent] government paid out in 1950.  Now that may not seem like very much to anyone, but in 2006, there were 623,780 status Indians according to Statistics Canada.  Multiply 623,780 by $59, and that total comes to $36,803,020.

Nearly $37 MILLION dollars that the Harper government won’t be paying to status First Nations peoples this year!

The Harper government is cutting costs all right, and it seems to be at the expense of First Nations peoples. How appropriate and fair is that?  And before anyone starts complaining that it’s a nearly $37 MILLION dollar saving for Canadian taxpayers, that money that’s not being paid out is money that already belongs to First Nations peoples thanks to the First Nations Trust Fund where First Nations monies are kept.

So for those who are complaining about how much is being spent on status First Nations peoples, perhaps a lesson in economics as well as in mathematics is in order so they can better understand how status First Nations peoples are getting less of their own money — as decided by the government — than they did back in 1950.

Elyse Bruce

SUGGESTED READING

Idle No More: About That FN Trust
https://elysebruce.wordpress.com/2013/01/21/idle-no-more-about-that-fn-trust/

Idle No More: More About That FN Trust
https://elysebruce.wordpress.com/2013/06/21/idle-no-more-more-about-that-fn-trust/

Idle No More: Who’s On The Hook For FN Programs
https://elysebruce.wordpress.com/2013/01/25/idle-no-more-whos-on-the-hook-for-fn-programs/

Idle No More:  Playing By The Same Assistance Rules
https://elysebruce.wordpress.com/2013/02/13/idle-no-more-playing-by-the-same-assistance-rules/

 

 

 

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