The government says the act would better protect public safety and the environment.
It says it would also clarify responsibility for wildfire administration and firefighting within municipalities.
Environment Minister Dustin Duncan says changes to the current legislation are overdue.
The Prairie and Forest Fires Act from 1982 is one of the oldest pieces of fire legislation in Canada, and the government says it has not kept pace with current wildfire practices.
Meetings with First Nations, municipalities, communities and the public are to be held in May and June, while consultations with northern communities are to resume in September.