department
Department of Finance Canada
Ministère des Finances
Finance prepares the budget and the tax statutes, and the Minister of Finance is responsible for the federal financial-sector framework, including OSFI.
Official websiteIncludes Bank of Canada, Canada Revenue Agency, Office of the Superintendent of Financial Institutions
Office-holders
Related policy debates
Fiscal policy
The recorded lean on taxing and spending.
Not scored.
Common misconceptions
The finance minister is statutorily responsible for OSFI
Commonly assumed: OSFI is often described as a free-floating regulator with no political principal.
In fact: The OSFI Act makes the Minister responsible for the Office. The Superintendent is a Governor-in-Council appointment and runs supervision day to day. In the current ministry the Secretary of State (Canada Revenue Agency and Financial Institutions), Wayne Long, and the Parliamentary Secretary covering financial institutions, Ryan Turnbull, sit on the political side of that file. They do not replace the Superintendent.
Counsel and consultants need the difference between a statutory responsibility, a cabinet relationship, and an operational decision.
Source