Minister of Finance (Canada)
The minister of finance (French: ministre des Finances) is the minister of the Crown in the Canadian Cabinet, who is responsible for overseeing the Department of Finance and presenting the federal government's budget each year. It is one of the most important positions in the Cabinet.
| Minister of Finance | |
|---|---|
| Ministre des Finances | |
| Department of Finance | |
| Style | The Honourable |
| Member of | [2] |
| Reports to | [3] |
| Appointer | Monarch (represented by the governor general) on the advice of the prime minister |
| Term length | At His Majesty's pleasure |
| Inaugural holder | Alexander Galt |
| Formation | July 1, 1867 |
| Salary | CA$269,800 (2019)[4] |
| Website | fin |
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Chrystia Freeland is the 40th and current finance minister, assuming the role in August 2020 following the resignation of Bill Morneau.[5] She concurrently is the deputy prime minister of Canada.
Because of the prominence and responsibility of this cabinet position, it is not uncommon for former ministers of finance to later become prime minister. Charles Tupper, R. B. Bennett, John Turner, Jean Chrétien, and Paul Martin all became prime minister after previously serving as minister of finance.
Responsibilities
In addition to being the head of the Department of Finance, the minister of finance is also the minister responsible for:
- Bank of Canada
- Canada Deposit Insurance Corporation
- Canada Development Investment Corporation
- Canada Pension Plan Investment Board
- Canadian International Trade Tribunal
- Office of the Superintendent of Financial Institutions
- Financial Transactions and Reports Analysis Centre of Canada
- Mission to the International Monetary Fund (serving as "Governor" voter)
- Serving as a permanent member of the Treasury Board of Canada[6]
List of ministers
Key:
Historical conservative parties: Liberal-Conservative, Conservative (historical), Unionist, National Liberal and Conservative, Progressive Conservative
| No. | Portrait | Name | Term of office | Political party | Ministry | |
|---|---|---|---|---|---|---|
| 1 |  |
Alexander Galt | July 1, 1867 | November 7, 1867 | Liberal-Conservative | 1 (Macdonald) |
| 2 |  |
Sir John Rose | November 18, 1867 | September 29, 1869 | Liberal-Conservative | |
| 3 |  |
Sir Francis Hincks | October 9, 1869 | February 21, 1873 | Liberal-Conservative | |
| 4 |  |
Samuel Leonard Tilley (1st time) |
February 22, 1873 | November 5, 1873 | Liberal-Conservative | |
| 5 |  |
Richard John Cartwright | November 7, 1873 | October 16, 1878 | Liberal | 2 (Mackenzie) |
| (4) | |
Sir Samuel Leonard Tilley (2nd time) |
October 17, 1878 | November 11, 1885 | Liberal-Conservative | 3 (Macdonald) |
| – | Vacant | November 11, 1885 | December 10, 1885 | — | ||
| 6 |  |
Archibald McLelan | December 10, 1885 | January 27, 1887 | Conservative (historical) | |
| 7 |  |
Sir Charles Tupper | January 27, 1887 | May 22, 1888 | Conservative (historical) | |
| 8 |  |
George Foster (1st time) |
May 29, 1888 | June 6, 1891 | Conservative (historical) | |
| June 16, 1891 | November 24, 1892 | 4 (Abbott) | ||||
| December 5, 1892 | December 12, 1894 | 5 (Thompson) | ||||
| December 21, 1894 | January 6, 1896 | 6 (Bowell) | ||||
| – |  |
Mackenzie Bowell (Acting) |
January 6, 1896 | January 15, 1896 | Conservative (historical) | |
| (8) | |
George Foster (2nd time) |
January 15, 1896 | April 27, 1896 | Conservative (historical) | |
| May 1, 1896 | July 8, 1896 | 7 (Tupper) | ||||
| – | Vacant | July 8, 1896 | July 20, 1896 | — | 8 (Laurier) | |
| 9 |  |
William Stevens Fielding (1st time) |
July 20, 1896 | October 6, 1911 | Liberal | |
| 10 |  |
Sir Thomas White | October 10, 1911 | August 2, 1919 | Conservative (historical) | 9•10 (Borden) |
| 11 |  |
Sir Henry Drayton (1st time) |
August 2, 1919 | July 10, 1920 | Conservative (historical) | |
| July 10, 1920 | December 29, 1921 | 11 (Meighen) | ||||
| (9) | |
William Stevens Fielding (2nd time) |
December 29, 1921 | September 5, 1925 | Liberal | 12 (King) |
| 12 |  |
James Robb (1st time) |
September 5, 1925 | June 29, 1926 | Liberal | |
| – | |
Sir Henry Drayton (2nd time; Acting) |
June 29, 1926 | July 13, 1926 | Conservative (historical) | 13 (Meighen) |
| 13 |  |
Richard Bedford Bennett (1st time) |
July 13, 1926 | September 25, 1926 | Conservative (historical) | |
| (12) | |
James Robb (2nd time) |
September 25, 1926 | November 11, 1929 | Liberal | 14 (King) |
| 14 |  |
Charles Avery Dunning | November 26, 1929 | August 7, 1930 | Liberal | |
| (13) | |
Richard Bedford Bennett (2nd time) |
August 7, 1930 | February 2, 1932 | Conservative (historical) | 15 (Bennett) |
| 15 |  |
Edgar Nelson Rhodes | February 3, 1932 | October 24, 1935 | Conservative (historical) | |
| (14) | |
Charles Avery Dunning (2nd time) |
October 24, 1935 | September 6, 1939 | Liberal | 16 (King) |
| 16 |  |
James Ralston | September 6, 1939 | July 4, 1940 | Liberal | |
| 17 |  |
James Lorimer Ilsley | July 8, 1940 | December 10, 1946 | Liberal | |
| 18 |  |
Douglas Abbott | December 10, 1946 | November 15, 1948 | Liberal | |
| November 15, 1948 | June 30, 1954 | 17 (St. Laurent) | ||||
| 19 |  |
Walter Harris | July 1, 1954 | June 21, 1957 | Liberal | |
| 20 |  |
Donald Fleming | June 21, 1957 | August 9, 1962 | Progressive Conservative | 18 (Diefenbaker) |
| 21 |  |
George Nowlan | August 9, 1962 | April 22, 1963 | Progressive Conservative | |
| 22 |  |
Walter L. Gordon | April 22, 1963 | November 11, 1965 | Liberal | 19 (Pearson) |
| 23 | |
Mitchell Sharp | November 11, 1965 (Acting until Dec.18) | April 20, 1968 | Liberal | |
| 24 | |
Edgar Benson | April 20, 1968 | January 28, 1972 | Liberal | 20 (P. E. Trudeau) |
| 25 | John Turner | January 28, 1972 | September 10, 1975 | Liberal | ||
| – | |
Charles Drury (Acting) |
September 10, 1975 | September 26, 1975 | Liberal | |
| 26 | |
Donald Stovel Macdonald | September 26, 1975 | September 16, 1977 | Liberal | |
| 27 |  |
Jean Chrétien | September 16, 1977 | June 4, 1979 | Liberal | |
| 28 |  |
John Crosbie | June 4, 1979 | March 3, 1980 | Progressive Conservative | 21 (Clark) |
| 29 |  |
Allan MacEachen | March 3, 1980 | September 10, 1982 | Liberal | 22 (P. E. Trudeau) |
| 30 | |
Marc Lalonde | September 10, 1982 | June 30, 1984 | Liberal | |
| June 30, 1984 | September 17, 1984 | 23 (Turner) | ||||
| 31 |  |
Michael Wilson | September 17, 1984 | April 21, 1991 | Progressive Conservative | 24 (Mulroney) |
| 32 | |
Don Mazankowski | April 21, 1991 | June 25, 1993 | Progressive Conservative | |
| 33 | |
Gilles Loiselle | June 25, 1993 | November 4, 1993 | Progressive Conservative | 25 (Campbell) |
| 34 |  |
Paul Martin | November 4, 1993 | June 2, 2002 | Liberal | 26 (Chrétien) |
| 35 |  |
John Manley | June 2, 2002 | December 12, 2003 | Liberal | |
| 36 |  |
Ralph Goodale | December 12, 2003 | February 6, 2006 | Liberal | 27 (Martin) |
| 37 |  |
Jim Flaherty | February 6, 2006 | March 18, 2014 | Conservative | 28 (Harper) |
| 38 |  |
Joe Oliver | March 19, 2014 | November 4, 2015 | Conservative | |
| 39 |  |
Bill Morneau | November 4, 2015 | August 18, 2020 | Liberal | 29 (J. Trudeau) |
| 40 | .jpg.webp) |
Chrystia Freeland | August 18, 2020[1] | Incumbent | Liberal | |
References
- Aiello, Rachel (2020-08-18). "PM to name Freeland finance minister, replacing Morneau". CTV News.
- "The Canadian Parliamentary system - Our Procedure - House of Commons". www.ourcommons.ca. Retrieved 2020-04-20.
- "Review of the Responsibilities and Accountabilities of Ministers and Senior Officials" (PDF). Archived (PDF) from the original on December 5, 2019.
- "Indemnities, Salaries and Allowances". Library of Parliament. April 11, 2018. Archived from the original on June 1, 2017. Retrieved September 21, 2017.
- Kirby, Jason (18 August 2020). "Chrystia Freeland appointed Canada's finance minister". Financial Times. Archived from the original on 2022-12-10. Retrieved 2020-11-04.
- Jan 19, Kelsey Johnson Published on; 2017 2:26pm (2017-01-19). "Treasury Board membership gets shuffled". iPolitics. Retrieved 2020-11-04.
External links
- Department of Finance Canada Archived 2010-02-08 at the Wayback Machine
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