Department of Finance Canada

(Learn how and when to remove this template message)

Department of Finance Canada
Department overview
Ministère des Finances Canada

Formed	July 1, 1867
Type	Department 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
Jurisdiction	Government of Canada
Employees	803 (March 2018)^[1]
Annual budget	CA$94.1 billion (2018–19)^[2]
Minister responsible	Chrystia Freeland, Minister of Finance
Department executive	Vacant, Deputy Minister of Finance
Website	fin.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:

Bank of Canada
CPP Investment Board
Office of the Superintendent of Financial Institutions
Financial Consumer Agency of Canada
Financial Transactions and Reports Analysis Centre of Canada
Canada Deposit Insurance Corporation
Canada Development Investment Corporation
Royal Canadian Mint

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

^ "GC InfoBase". www.tbs-sct.gc.ca. Retrieved 2020-11-04.
^ "GC InfoBase". www.tbs-sct.gc.ca. Retrieved 2020-11-04.
^ Smith, Alex (23 April 2009). "The Roles and Responsibilities of Central Agencies" (Background paper). Library of Parliament.
^ "Chrystia Freeland appointed Canada's finance minister". Financial Times. 18 August 2020. Archived from the original on 2022-12-10. Retrieved 2020-11-04.