Department of Finance Canada
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| Ministère des Finances Canada | |
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| Department overview | |
|---|---|
| Formed | July 1, 1867 |
| Type | Department responsible for
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| Jurisdiction | Government of Canada |
| Employees | 803 (March 2018)[1] |
| Annual budget | CA$94.1 billion (2018–19)[2] |
| Minister responsible | |
| Department executive |
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| Website | fin |
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
[edit]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
[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) 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
[edit]- ^ "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.
External links
[edit]- Department of Finance Canada Archived 2010-02-08 at the Wayback Machine
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| National | |
| Other | |
