Federal Finance Ministry
Roles and Responsibilities of the Ministry
- Managing federal borrowing.
- Preparing the federal budget .
- Preparing financial reports, policy, and legislation.
- Developing tax policies.
- Giving financial support to provinces/territories.
What Other Ministries Do They Work With
- The Finance Ministry works with almost all other ministries.
- They work with the National Defence Ministry to give them a budget for new planes, ships, etc.
- They worked with the Ministry of Immigration, Refugees, and Citizenship. For example to determine how many Syrian refugees we could take.
- They work with the Health Ministry to create a budget to take care of Canadians health care.
- They work with the Ministry of Families, Children, and Social Development as they provide Employment Insurance and Old Age Pension.
How They Affect the General Population
- They determine our quality of life by giving money to other ministries that help us.
- Ensures citizens are financially stable by making good decisions for our country.
- Puts help in place for people who need it, for example child and elder care.
- Ensures our security and wellness with national defence and public safety.
- Helps us with education and creating jobs.
- Bill Morneau was Ontario's finance minister.
- He took over from Joe Oliver in 2015 as the federal finance minister.
- It is not uncommon for former finance ministers to become prime minister.
- The first federal finance minister was Alexander Galt on July 1st, 1867.
- Bill Morneau is Canada's 39th federal finance minister.