Department of Finance Canada also sometimes referred as “Finance Canada” operates under the Minister of Finance. Its purpose is to ensure a healthy Canadian economy by developing polices of sound economic management and providing expert advice to the government.
The Department of Finance Canada is established under section 14 of the Financial Administration Act. Under section 15 of the Act, The Minister of Finance “has the management and direction of the Department, the management of the Consolidated Revenue Fund and the supervision, control and direction of all matters relating to the financial affairs of Canada not by law assigned to the Treasury Board or to any other minister.”
The department is headquartered in the Esplanade Laurier building in downtown Ottawa at the corner of O’Connor and Laurier.
The Department’s responsibilities include the following:
- Preparing the federal Budget and the Update of Economic and Fiscal Projections
- Preparing the Annual Financial Report of the Government of Canada and, in cooperation with the Treasury Board of Canada Secretariat and the Receiver General for Canada, the Public Accounts of Canada
- Developing tax and tariff policy and legislation
- Managing federal borrowing on financial markets
- Designing and administering major transfers of federal funds to the provinces and territories
- Developing financial sector policy and legislation
- Representing Canada in various international financial institutions and groups.
The department is divided into several branches:
- Economic and 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
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) Act
- Income Tax Conventions Implementation Act
- Payment Clearing and Settlement Act
- Financial Administration Act
- Special Import Measures Act