Managing payments received from long-standing claims with the federal government can be a daunting task, says associate vice-president of Indigenous services at T.E. Wealth Kain Big Canoe
Kain Big Canoe, AVP of Indigenous Services at Canadian Western bank, near his home in Grimsby, Ont. on Sept. 27.As Indigenous groups prepare to receive significant financial settlements from the federal government over long-standing legal claims, T.E. Wealth Indigenous Services is helping First Nation communities navigate between competing pressures to preserve wealth for the next generation while upgrading infrastructure and responding to educational needs.
T.E. Wealth was founded as an independent firm in 1997 by Jack Jamieson and Steven Belchetz. It was acquired by Canadian Western Bank in 2020, and today works directly with more than 50 First Nations, Métis and Inuit communities across Canada. “We have seen some land claims where the community have paid out the settlement instantly in lump sum payments – and then those communities are left with zero reserves to build or pave a road. It’s unfortunate when we see that happen,” he added.Kain Big Canoe visits Indigenous communities across Ontario. He provides wealth management services to help Indigenous communities preserve the land claims they receive from the government.
Mr. Big Canoe, who is member of the Chippewas of Georgina Island First Nation, spends a lot of time travelling across the country speaking directly with First Nation communities that have either settled claims or have claims that are still under assessment. Many are looking for advice on how to prepare in advance, sometimes as much as two years prior to a settlement.
When the community received its initial funds, Rick Morano, chief financial officer of finance for Chippewas of Rama First Nation, wanted to partner with professionals who could provide training and education on investment planning to members, as well as provide information on how to implement an investment policy.
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