This Act allows a minister to make an agreement with a landowner who qualifies under this Act and Regulations, permitting the owner to defer paying all or part of the tax payable on the eligible property during the term of the agreement. If the minister makes such an agreement, every relevant act, regulation and municipal bylaw is subject to the agreement until the agreement is terminated under this Act, or under the agreement. Furthermore if there is a conflict or inconsistency between an act, regulation or municipal bylaw and the tax defer agreement, the agreement then prevails.

This Act makes provision for agreements between the Government and Indian bands (as defined by the Indian Act) for the purposes of resolving and extinguishing claims asserted by an Indian band and the council of a band against the Government or against the Government and Canada in respect of cut-off lands. "Cut-off lands" means lands that had before 1916 been appropriated by the Government for the use and benefit of Indians (defined in section 1).

This is a piece of general property legislation, regulating the transfer and disposition of property, interests and rights.