Department of Finance Canada explained

Agency Name:	Department of Finance Canada
Type:	Department
Nativename:	French: Ministère des Finances Canada
Agency 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]
Budget:	CA$94.1 billion (2018–19)^[2]
Minister1 Name:	Chrystia Freeland
Minister1 Pfo:	Minister of Finance
Chief1 Name:	Vacant
Chief1 Position:	Deputy Minister of Finance
Formed:	July 1, 1867

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

External links

• Department of Finance Canada

Notes and References

1. Web site: GC InfoBase. 2020-11-04. www.tbs-sct.gc.ca. en.
2. Web site: GC InfoBase. 2020-11-04. www.tbs-sct.gc.ca. en.
3. Web site: Smith. Alex. 23 April 2009. The Roles and Responsibilities of Central Agencies. Library of Parliament. Background paper.
4. News: Chrystia Freeland appointed Canada's finance minister. https://ghostarchive.org/archive/20221210/https://www.ft.com/content/5f80ad4c-bf58-408f-bdd5-ba5e583557a7 . 2022-12-10 . subscription. 2020-11-04. Financial Times. 18 August 2020 .