Minister of Finance (Canada)

Last updated
Minister of Finance
Ministre des Finances
Chrystia Freeland MSC 2018 (cropped).jpg
Incumbent
Chrystia Freeland
since August 18, 2020 [1]
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
FormationJuly 1, 1867
Salary CA$269,800 (2019) [4]
Website fin.canada.ca

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.

Contents

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:

List of ministers

Key:

   Liberal Party of Canada
  Historical conservative parties: Liberal-Conservative, Conservative (historical), Unionist, National Liberal and Conservative, Progressive Conservative
   Conservative Party of Canada
No.PortraitNameTerm of officePolitical partyMinistry
1 Sir Alexander Galt (cropped).jpg Alexander Galt July 1, 1867November 7, 1867 Liberal-Conservative 1 (Macdonald)
2 Sir John Rose.jpg Sir John Rose November 18, 1867September 29, 1869Liberal-Conservative
3 Sir Francis Hincks.jpg Sir Francis Hincks October 9, 1869February 21, 1873Liberal-Conservative
4 Samuel Leonard Tilley 1864.jpg Samuel Leonard Tilley
(1st time)
February 22, 1873November 5, 1873Liberal-Conservative
5 Richard John Cartwright.jpg Richard John Cartwright November 7, 1873October 16, 1878 Liberal 2 (Mackenzie)
(4) Samuel Leonard Tilley 1864.jpg Sir Samuel Leonard Tilley
(2nd time)
October 17, 1878November 11, 1885 Liberal-Conservative 3 (Macdonald)
VacantNovember 11, 1885December 10, 1885
6 Archibald Woodbury McLelan.jpg Archibald McLelan December 10, 1885January 27, 1887 Conservative (historical)
7 Tupper Portrait.jpg Sir Charles Tupper January 27, 1887May 22, 1888Conservative (historical)
8 George Eulas Foster.jpg George Foster
(1st time)
May 29, 1888June 6, 1891Conservative (historical)
June 16, 1891November 24, 1892 4 (Abbott)
December 5, 1892December 12, 1894 5 (Thompson)
December 21, 1894January 6, 1896 6 (Bowell)
SirMackenzieBowell.jpg Mackenzie Bowell
(Acting)
January 6, 1896January 15, 1896Conservative (historical)
(8) George Eulas Foster.jpg George Foster
(2nd time)
January 15, 1896April 27, 1896Conservative (historical)
May 1, 1896July 8, 1896 7 (Tupper)
VacantJuly 8, 1896July 20, 1896 8 (Laurier)
9 William Stevens Fielding, premier of Nova Scotia.jpg William Stevens Fielding
(1st time)
July 20, 1896October 6, 1911 Liberal
10 Sir William Thomas White.jpg Sir Thomas White October 10, 1911August 2, 1919 Conservative (historical) 910 (Borden)
11 Henry Lumley Drayton.jpg Sir Henry Drayton
(1st time)
August 2, 1919July 10, 1920Conservative (historical)
July 10, 1920December 29, 1921 11 (Meighen)
(9) William Stevens Fielding, premier of Nova Scotia.jpg William Stevens Fielding
(2nd time)
December 29, 1921September 5, 1925 Liberal 12 (King)
12 James Alexander Robb.jpg James Robb
(1st time)
September 5, 1925June 29, 1926Liberal
Henry Lumley Drayton.jpg Sir Henry Drayton
(2nd time; Acting)
June 29, 1926July 13, 1926 Conservative (historical) 13 (Meighen)
13 Richard Bedford Bennett.jpg Richard Bedford Bennett
(1st time)
July 13, 1926September 25, 1926Conservative (historical)
(12) James Alexander Robb.jpg James Robb
(2nd time)
September 25, 1926November 11, 1929 Liberal 14 (King)
14 People-Dunning.jpg Charles Avery Dunning November 26, 1929August 7, 1930Liberal
(13) Richard Bedford Bennett.jpg Richard Bedford Bennett
(2nd time)
August 7, 1930February 2, 1932 Conservative (historical) 15 (Bennett)
15 Edgar Nelson Rhodes.jpg Edgar Nelson Rhodes February 3, 1932October 24, 1935Conservative (historical)
(14) People-Dunning.jpg Charles Avery Dunning
(2nd time)
October 24, 1935September 6, 1939 Liberal 16 (King)
16 James Ralston3.png James Ralston September 6, 1939July 4, 1940Liberal
17 James Lorimer Ilsley1.jpg James Lorimer Ilsley July 8, 1940December 10, 1946Liberal
18 Douglas Charles Abbott.jpg Douglas Abbott December 10, 1946November 15, 1948Liberal
November 15, 1948June 30, 1954 17 (St. Laurent)
19 Walter Edward Harris.jpg Walter Harris July 1, 1954June 21, 1957Liberal
20 Donald Fleming.jpg Donald Fleming June 21, 1957August 9, 1962 Progressive Conservative 18 (Diefenbaker)
21 George Clyde Nowlan.jpg George Nowlan August 9, 1962April 22, 1963Progressive Conservative
22 No image.svg Walter L. Gordon April 22, 1963November 11, 1965 Liberal 19 (Pearson)
23 Mitchell Sharp MIKAN 4947588 (cropped).jpg Mitchell Sharp November 11, 1965
(Acting until Dec.18)
April 20, 1968Liberal
24 No image.svg Edgar Benson April 20, 1968January 28, 1972Liberal 20 (P. E. Trudeau)
25 John Turner January 28, 1972September 10, 1975Liberal
No image.svg Charles Drury
(Acting)
September 10, 1975September 26, 1975Liberal
26 No image.svg Donald Stovel Macdonald September 26, 1975September 16, 1977Liberal
27 Jean Chretien1.jpg Jean Chrétien September 16, 1977June 4, 1979Liberal
28 Crosbie 1983-2 crop.jpg John Crosbie June 4, 1979March 3, 1980 Progressive Conservative 21 (Clark)
29 Allan MacEachen.jpg Allan MacEachen March 3, 1980September 10, 1982 Liberal 22 (P. E. Trudeau)
30 No image.svg Marc Lalonde September 10, 1982June 30, 1984Liberal
June 30, 1984September 17, 1984 23 (Turner)
31 Diplomat Michael Wilson.png Michael Wilson September 17, 1984April 21, 1991 Progressive Conservative 24 (Mulroney)
32 No image.svg Don Mazankowski April 21, 1991June 25, 1993Progressive Conservative
33 No image.svg Gilles Loiselle June 25, 1993November 4, 1993Progressive Conservative 25 (Campbell)
34 Paul Martin.jpg Paul Martin November 4, 1993June 2, 2002 Liberal 26 (Chrétien)
35 John Manley IMF.jpg John Manley June 2, 2002December 12, 2003Liberal
36 Ralph Goodale free alternative.jpg Ralph Goodale December 12, 2003February 6, 2006Liberal 27 (Martin)
37 Jim Flaherty 2007.JPG Jim Flaherty February 6, 2006March 18, 2014 Conservative 28 (Harper)
38 Joe Oliver.JPG Joe Oliver March 19, 2014November 4, 2015 Conservative
39 Bill Morneau 2015.jpg Bill Morneau November 4, 2015August 18, 2020 Liberal 29 (J. Trudeau)
40 Chrystia Freeland in Ukraine - 2017 (cropped).jpg Chrystia Freeland August 18, 2020 [1] Incumbent Liberal

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References

  1. 1 2 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. 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.
  6. Jan 19, Kelsey Johnson Published on; 2017 2:26pm (2017-01-19). "Treasury Board membership gets shuffled". iPolitics. Retrieved 2020-11-04.{{cite web}}: CS1 maint: numeric names: authors list (link)