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Canadian Finance Information According to the department's website: "The Department of Finance Canada is the federal department primarily responsible for providing the Government of Canada with analysis and advice on the broad economic and financial affairs of Canada." Within the department are Minister of Finance and the Secretary of State (International Finance Institutions).
The Department is responsible for creating economic and fiscal policy, economic development and corporate finance, federal-provincial relations (transfer payments to the provinces and all), the finances of federal institutions and Government of Canada Securities, the interest rate, international trade and finance, fiscal policy legislation, the financing of social policy and - but of course - taxes. Here is a blurb that I blatantly ripped off the department's web page: "The Department of Finance reports to the Minister through its Deputy Minister, assisted by two Associate Deputy Ministers and a Senior Assistant Deputy Minister. Ongoing economic analysis and policy development takes place in seven policy branches, one of them on a joint basis with the Treasury Board Secretariat. The department also includes branches responsible for legal services, consultations and communications, and corporate services (jointly with the Treasury Board Secretariat). Branches are headed by assistant deputy ministers; divisions within branches are headed by directors. Branch roles and structures are outlined in the following pages. In addition to the role as head of the Department of Finance, the Minister of Finance reports to Parliament on the activities of a number of other agencies, such as the Bank of Canada and the Office of the Superintendent of Financial Institutions (OSFI)." Also under the Ministry of Finance is the Minister of State (Financial Institutions).
The Department deals with issues affecting federal financial institutions – banks, for trust and loan and insurance companies, credit unions, pension plans, and all of their respective clients. It develops the rules and regulations that govern the institutions so they remain safe and sound and are responsive to consumers’ needs. It also conducts analysis of the many ways in which the financial sector is changing both in Canada and abroad.The department also help ensure that Canada has an effective regime to combat money laundering and the financing of terrorism. Finally, it helps to manage the debt and international reserves of the Government of Canada, in conjunction with the Bank of Canada, and we provide policy advice on activity in the domestic capital markets. Canada
Revenue Agency On
On
the tax side of things, it’s business as usual. They continue to administer
tax laws for the Government of Canada and for most provinces and territories.
They also continue to look after social and economic benefit and incentive
programs (ie: welfare, employment insurance) delivered through the tax system. The
CRA is now using their
new name, but until it’s officially modified by an act of Parliament, CCRA
remains the only name that can be used on documents of a legal or contractual
nature. You’ll continue to see “CCRA” on some pages on this Web site, as
well as on this year’s tax return package, and certain other documents. Over
time, many of these pages, forms, and documents will be modified to reflect the
change to the CRA. If
you need more information on customs or the Canadian Border Services Agency (CBSA),
please visit the CBSA
website http://www.bank-banque-canada.ca/ The Bank of Canada is Canada's central bank. The Bank of Canada does not carry out ordinary banking business, nor does it accept deposits from the general public. The Bank of Canada's primary responsibilities are set out in the Bank of Canada Act (a fun read no doubt) and can be grouped into four broad functions: monetary policy, bank notes, central banking services and debt management. In a few words - these guys are the ones who generate our financial policy that makes our dollar at about - oh, half that of the American dollar and interest rates. I think it is comparable to the Treasury Board of the United States in its' functions.
Mr. David A. Dodge - Governor of the Bank of Canada.. hey - another Queen's grad! |
