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
Incumbent
Chrystia Freeland

since August 18, 2020[1]
Department of Finance
StyleThe Honourable
Member of[2]
Reports to[3]
AppointerMonarch (represented by the governor general)
on the advice of the prime minister
Term lengthAt Her Majesty's pleasure
Inaugural holderAlexander Galt
FormationJuly 1, 1867
SalaryCA$269,800 (2019)[4]
Websitefin.canada.ca

Chrystia Freeland serves as the 40th and current finance minister, assuming the role in August 2020 following the resignation of Bill Morneau.[5] She concurrently serves as 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:

List of officeholders


Key:

No. Portrait Name Term of office Political party Ministry
1 Alexander Galt July 1, 1867November 7, 1867 Liberal-Conservative 1 (Macdonald)
2 Sir John Rose November 18, 1867September 29, 1869 Liberal-Conservative
3 Sir Francis Hincks October 9, 1869February 21, 1873 Liberal-Conservative
4 Samuel Leonard Tilley
(1st time)
February 22, 1873November 5, 1873 Liberal-Conservative
5 Richard John Cartwright November 7, 1873October 16, 1878 Liberal 2 (Mackenzie)
(4) Sir Samuel Leonard Tilley
(2nd time)
October 17, 1878November 11, 1885 Liberal-Conservative 3 (Macdonald)
Vacant November 11, 1885December 10, 1885
6 Archibald McLelan December 10, 1885January 27, 1887 Conservative (historical)
7 Sir Charles Tupper January 27, 1887May 22, 1888 Conservative (historical)
8 George Foster
(1st time)
May 29, 1888June 6, 1891 Conservative (historical)
June 16, 1891November 24, 1892 4 (Abbott)
December 5, 1892December 12, 1894 5 (Thompson)
December 21, 1894January 6, 1896 6 (Bowell)
Mackenzie Bowell
(Acting)
January 6, 1896January 15, 1896 Conservative (historical)
(8) George Foster
(2nd time)
January 15, 1896April 27, 1896 Conservative (historical)
May 1, 1896July 8, 1896 7 (Tupper)
Vacant July 8, 1896July 20, 1896 8 (Laurier)
9 William Stevens Fielding
(1st time)
July 20, 1896October 6, 1911 Liberal
10 Sir Thomas White October 10, 1911August 2, 1919 Conservative (historical) 910 (Borden)
11 Sir Henry Drayton
(1st time)
August 2, 1919July 10, 1920 Conservative (historical)
July 10, 1920December 29, 1921 11 (Meighen)
(9) William Stevens Fielding
(2nd time)
December 29, 1921September 5, 1925 Liberal 12 (King)
12 James Robb
(1st time)
September 5, 1925June 29, 1926 Liberal
Sir Henry Drayton
(2nd time; Acting)
June 29, 1926July 13, 1926 Conservative (historical) 13 (Meighen)
13 Richard Bedford Bennett
(1st time)
July 13, 1926September 25, 1926 Conservative (historical)
(12) James Robb
(2nd time)
September 25, 1926November 11, 1929 Liberal 14 (King)
14 Charles Avery Dunning November 26, 1929August 7, 1930 Liberal
(13) Richard Bedford Bennett
(2nd time)
August 7, 1930February 2, 1932 Conservative (historical) 15 (Bennett)
15 Edgar Nelson Rhodes February 3, 1932October 24, 1935 Conservative (historical)
(14) Charles Avery Dunning
(2nd time)
October 24, 1935September 6, 1939 Liberal 16 (King)
16 James Ralston September 6, 1939July 4, 1940 Liberal
17 James Lorimer Ilsley July 8, 1940December 10, 1946 Liberal
18 Douglas Abbott December 10, 1946November 15, 1948 Liberal
November 15, 1948June 30, 1954 17 (St. Laurent)
19 Walter Harris July 1, 1954June 21, 1957 Liberal
20 Donald Fleming June 21, 1957August 9, 1962 Progressive Conservative 18 (Diefenbaker)
21 George Nowlan August 9, 1962April 22, 1963 Progressive Conservative
22 Walter L. Gordon April 22, 1963November 11, 1965 Liberal 19 (Pearson)
23 Mitchell Sharp November 11, 1965
(Acting until Dec.18)
April 20, 1968 Liberal
24 Edgar Benson April 20, 1968January 28, 1972 Liberal 20 (P. E. Trudeau)
25 John Turner January 28, 1972September 10, 1975 Liberal
Charles Drury
(Acting)
September 10, 1975September 26, 1975 Liberal
26 Donald Stovel Macdonald September 26, 1975September 16, 1977 Liberal
27 Jean Chrétien September 16, 1977June 4, 1979 Liberal
28 John Crosbie June 4, 1979March 3, 1980 Progressive Conservative 21 (Clark)
29 Allan MacEachen March 3, 1980September 10, 1982 Liberal 22 (P. E. Trudeau)
30 Marc Lalonde September 10, 1982June 30, 1984 Liberal
June 30, 1984September 17, 1984 23 (Turner)
31 Michael Wilson September 17, 1984April 21, 1991 Progressive Conservative 24 (Mulroney)
32 Don Mazankowski April 21, 1991June 25, 1993 Progressive Conservative
33 Gilles Loiselle June 25, 1993November 4, 1993 Progressive Conservative 25 (Campbell)
34 Paul Martin November 4, 1993June 2, 2002 Liberal 26 (Chrétien)
35 John Manley June 2, 2002December 12, 2003 Liberal
36 Ralph Goodale December 12, 2003February 6, 2006 Liberal 27 (Martin)
37 Jim Flaherty February 6, 2006March 18, 2014 Conservative 28 (Harper)
38 Joe Oliver March 19, 2014November 4, 2015 Conservative
39 Bill Morneau November 4, 2015August 18, 2020 Liberal 29 (J. Trudeau)
40 Chrystia Freeland August 18, 2020[1]Incumbent Liberal

References


  1. Aiello, Rachel (2020-08-18). "PM to name Freeland finance minister, replacing Morneau". CTV News.
  2. "The Canadian Parliamentary system - Our Procedure - House of Commons". www.ourcommons.ca. Retrieved 2020-04-20.
  3. "Review of the Responsibilities and Accountabilities of Ministers and Senior Officials" (PDF). Archived (PDF) from the original on December 5, 2019.
  4. "Indemnities, Salaries and Allowances". Library of Parliament. April 11, 2018. Archived from the original on June 1, 2017. Retrieved September 21, 2017.
  5. "Chrystia Freeland appointed Canada's finance minister". www.ft.com. Retrieved 2020-11-04.
  6. Jan 19, Kelsey Johnson Published on; 2017 2:26pm (2017-01-19). "Treasury Board membership gets shuffled". iPolitics. Retrieved 2020-11-04.