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Department of Finance Canada

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Department of Finance Canada
Ministère des Finances Canada
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]
Minister responsible
Department executive
  • Vacant, Deputy Minister of Finance
Websitefin.canada.ca

The Department of Finance Canada (French: Ministère des Finances Canada) is a central agency of the Government of Canada. The department assists the minister of finance 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]

The department is responsible to Parliament through the minister of finance (Chrystia Freeland since August 2020,[4] concurrently serving as the deputy prime minister of Canada) and the associate minister of finance (Randy Boissonnault since October 2021, concurrently serving as the minister of tourism). The day-to-day operations of the department are directed by the deputy minister of finance (a public servant). Michael Sabia served as deputy minister until his departure to head Hydro-Québec in May 2023.

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

Branches and sub-agencies

The department is divided into several branches:

  • Economic Policy Branch
  • 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

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) and Terrorist Financing Act
  • Income Tax Conventions Interpretation 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

  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". Financial Times. 18 August 2020. Archived from the original on 2022-12-10. Retrieved 2020-11-04.
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Department of Finance Canada
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