Department of Finance (Canada)

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Department of Finance Canada
Ministère des Finances Canada
FinCan logo.svg
Department overview
FormedJuly 1, 1867
TypeDepartment responsible for
  • Economic and Fiscal Policy
  • Economic Development and Corporate Finance
  • Federal-Provincial Relations and Social Policy
  • Financial Sector Policy
  • International Trade and Finance
  • Tax Policy
  • Corporate Services
JurisdictionGovernment of Canada
Employees803 (March 2018)[1]
Annual budgetCA$94.1 billion (2018–19)[2]
Ministers responsible
Department executive
Websitefin.canada.ca

The Department of Finance Canada (French: Ministère des Finances Canada) is a central agency of the Government of Canada, responsible to Parliament through the minister of finance. The department assists the minister in developing the government's fiscal framework and advises the government on economic and financial issues. A principal role of the department is assisting the government in the development of its annual budget.[3]

Chrystia Freeland serves as the present finance minister assuming the role in August 2020 following the resignation of Bill Morneau.[4] She concurrently serves as the deputy prime minister of Canada. The day-to-day operations of the department are directed by the deputy minister of finance (a public servant), presently Paul Rochon.[5]

The department is headquartered in the James Michael Flaherty building in downtown Ottawa at the corner of Elgin and Albert.

Branches and sub-agencies[edit]

The Department is divided into several branches:

  • Economic and Fiscal Policy Branch
  • Economic Development and Corporate Finance Branch
  • Federal-Provincial Relations and Social Policy Branch
  • Financial Sector Policy Branch
  • International Trade and Finance Branch
  • Tax Policy Branch
  • Law Branch
  • Corporate Services Branch
  • Consultations and Communications Branch

Some of the sub-agencies under the Department include:

Related legislation[edit]

Acts and legislations under the Department:

  • Income Tax Act
  • Federal-Provincial Fiscal Arrangements Act
  • Customs Act
  • Customs Tariff Act
  • Excise Act
  • Excise Tax Act
  • Proceeds of Crime (Money Laundering) Act
  • Income Tax Conventions Implementation Act
  • Payment Clearing and Settlement Act
  • Financial Administration Act
  • Special Import Measures Act
  • Bretton Woods and Related Agreements Act
  • European Bank for Reconstruction and Development Agreement Act

References[edit]

  1. ^ "GC InfoBase". www.tbs-sct.gc.ca. Retrieved 2020-11-04.
  2. ^ "GC InfoBase". www.tbs-sct.gc.ca. Retrieved 2020-11-04.
  3. ^ Smith, Alex (23 April 2009). "The Roles and Responsibilities of Central Agencies" (Background paper). Library of Parliament.
  4. ^ "Chrystia Freeland appointed Canada's finance minister". www.ft.com. Retrieved 2020-11-04.
  5. ^ Times, The Hill (2020-09-21). "Fabulous 50: most influential figures to watch in federal politics this fall". The Hill Times. Retrieved 2020-11-04.

External links[edit]