Photograph of a Cabinet meeting, Privy Council Chamber, East Block, July 1947, with inset photos of two absent members
Group of small photographs of members of the House of Commons of Canada, Twentieth Parliament, elected June 11, 1945
The Minister of Finance is a senior Cabinet minister, and is responsible for directing and giving public voice to government policies related to the economy. The major expression of that responsibility is the federal government's yearly budget. The minister's annual budget speech is a highly anticipated evaluation of Canadian economic conditions, which serves as the platform for the government to announce its fiscal plan for the coming year.
The Department's primary responsibilities include preparing the federal budget and proposing legislation that addresses such national economic concerns as taxes and tariffs. More generally, the Department works to promote Canada's financial growth through the development and implementation of constructive fiscal policies. Among the Department's foremost duties is the maintenance of federal-provincial economic relations, which involves monitoring regional economic conditions and calculating federal transfer payments to the provinces and territories.
The national involvement in such issues as debt management, trade, investment and taxation is reflected in the Department's global initiatives. At the international level, the Department of Finance is active in economic summits and in institutions such as the World Bank. Whether it is engaged in domestic or international economic discussions, the Department of Finance addresses matters of fundamental importance to individual Canadians, and to the Canadian government's political executive.