Reconciliation Action Plan—2025 report

As part of our Economic and Financial Research autumn seminar series, we invited Dr. Robert Gillezeau, Assistant Professor of Economic Analysis and Policy, University of Toronto, and Dr. Donn Feir, Professor of Economics, University of Victoria, to present the research they prepared with their co-authors. Dr. Gillezeau’s research focused on historical treaties, property rights and economic development, and Dr. Feir’s research focused on understanding the unequal costs Indigenous Peoples face in homeownership. The seminars deepened our collective knowledge of Indigenous economic and financial issues.

To foster ongoing dialogue on Reconciliation across central banks, the Bank of Canada participates in the Central Bank Network for Indigenous Inclusion. Established in 2021 by the Bank of Canada, Te Pūtea Matua (Reserve Bank of New Zealand), the Reserve Bank of Australia and the US Federal Reserve, the network provides central bank staff with regular opportunities to learn from each other and share best practices on Indigenous financial inclusion and economic reconciliation. We invite Indigenous partners to participate in meetings throughout the year. In 2025, we participated in the bi-annual symposium hosted by the RBA which ensures central banks hear firsthand Indigenous perspectives on key issues such as integrating Indigenous perspectives into policy‑making and improving our understanding of Indigenous economics and labour market outcomes.

“My life experience has been mainly that money is funny—not funny ha-ha, but funny strange—and that there is nothing like money, even just talking about it, that brings out the worst in people. Having already seen how difficult reconciliation action plans are to create and implement, I wondered whether the work of the Bank’s Indigenous Advisory Circle (IAC) would end up being performative. I wondered if the IAC’s work on representation of Indigenous Peoples on future bank notes and guidance for the Bank of Canada Museum on its collections, programs and exhibitions would be authentic. I hesitated to join… Today, as a member of the IAC, I see consistency in the support of staff members and the inclusion of visiting Elders. I see our own willingness as a Circle to listen, to engage, to see differing opinions and unpack issues, as a formidable strength. This increases our ability to imagine creative solutions to the task of ensuring the visibility of Indigenous Peoples on Canadian currency and in the activities of the Bank of Canada Museum, particularly for young people. Nothing about us without us.”

Marie-Louise Perron reflects on her experience as a member of the Indigenous Advisory Circle.
Photo: Richard Dufault 2024

To deepen our understanding of Indigenous histories and cultures, we committed to making Indigenous cultural awareness training mandatory for all employees. Ninety-four per cent of Bank employees completed the training. We heard from employees that the training opened their eyes and helped equipped them with skills to build a more respectful and inclusive workplace. We continue to collaborate with Indigenous partners to provide meaningful learning opportunities for employees, including multiple sessions of the Kairos Blanket Exercise and activities to strengthen cultural competence.

We welcomed Indigenous drummers to the Bank when we launched our Reconciliation Action Plan. Our employees shared that it was a powerful experience to hear the drum in the Bank’s head office and learn that it represents the heartbeat of Mother Earth. Interest in the event was so high that, in collaboration with a Bank employee resource group, the drummers joined us again in June to celebrate the summer solstice and National Indigenous History Month. Sitting in a circle and listening to the stories and the sound of the drum reminds us of our responsibility to continue the important work of Truth and Reconciliation.