Finance
How Finance spent its budget in fiscal year 2023-24, shown as net expenditures by standard object from Public Accounts Volume II.
The Department of Finance (Finance Canada) is a central federal department responsible for overseeing the nation's economic and fiscal policies, ensuring financial stability, and managing the government's fiscal framework. Established in 1867 as one of the original departments following Confederation, it advises the Prime Minister and Cabinet on economic matters, develops tax and tariff policies, and prepares the annual federal budget.
Department Spending
In FY 2023-24,
$136.11B
was spent by Finance
In FY 2023-24,
26.1%
of federal spending was by Finance
The Department of Finance spent $136.11B in fiscal year (FY) 2024, or 26.1% of the $521.4 billion in overall federal spending—the largest total of any federal department.
Spending by entity, FY 2023-24
Department of Finance
Office of the Superintendent of Financial Institutions
Office of the Auditor General
Financial Transactions and Reports Analysis Centre of Canada
Financial Consumer Agency of Canada
$135.51B
$311.5M
$134.9M
$98.6M
$53.4M
Most of that spending flows to provinces, territories, and other levels of government as major statutory transfers rather than as departmental programs. In FY 2024 the largest were the Canada Health Transfer ($49.4 billion), fiscal equalization ($24.0 billion), and the Canada Social Transfer ($16.4 billion), along with territorial financing ($4.8 billion).
Finance’s share of federal spending
Percentage of federal spending, 1995–2025
Beyond the core department, Finance Canada's portfolio includes several arm's-length entities. In FY 2024 those with the highest expenditures were the Office of the Superintendent of Financial Institutions, the Office of the Auditor General, and the Financial Transactions and Reports Analysis Centre of Canada.
How did Finance spend its budget in 2023-24?
The department is led by the Minister of Finance, who is appointed by the Governor General on the advice of the Prime Minister and sworn into office at Rideau Hall as a member of the King's Privy Council for Canada. The minister is one of the cabinet members who serve at the Prime Minister's discretion, remaining in the role until a successor is sworn in.
Line items
Every transfer-payment (grant and contribution) program, in dollars. These are the named programs behind the transfer-payments object in the chart above. Search, sort, and download the full table.
| Category | Description | Amount ▼ |
|---|---|---|
| Other transfer payments | Canada Health Transfer (Part V.1—Federal-Provincial Fiscal Arrangements Act) | $49,431,243,596 |
| Other transfer payments | Fiscal Equalization (Part I—Federal-Provincial Fiscal Arrangements Act) | $23,963,000,000 |
| Other transfer payments | Canada Social Transfer (Part V.1—Federal-Provincial Fiscal Arrangements Act) | $16,416,302,000 |
| Other transfer payments | Territorial Financing (Part I.1 - Federal-Provincial Fiscal Arrangements Act) | $4,834,417,818 |
| Other transfer payments | Payments related to Canada health transfer (Section 24.72—Federal-Provincial Fiscal Arrangements Act) | $2,000,000,000 |
| Other transfer payments | Fiscal Stabilization (Part II—Federal-Provincial Fiscal Arrangements Act) | $576,511,311 |
| Other transfer payments | Payments to International Development Association (Bretton Woods and Related Agreements Act) | $486,916,000 |
| Other transfer payments | Nonrecurring conditional transfer of Hibernia Net Profits Interest and Incidental Net Profits Interest to Newfoundland and Labrador | $280,166,028 |
| Other transfer payments | Hibernia Dividend Backed Annuity Agreement Payment | $137,973,145 |
| Other transfer payments | Payment to the International Monetary Fund for the Poverty Reduction and Growth Trust (Bretton Woods and Related Agreements Act) | $57,000,000 |
| Other transfer payments | Debt payments on behalf of poor countries to International Organizations pursuant to subsection 18(1) of the Economic Recovery Act | $51,823,068 |
| Other transfer payments | Statutory Subsidies (Constitution Acts, 1867–1982, and other statutory authorities) | $44,585,961 |
| Other transfer payments | Payments of any amount that is required for the purpose of providing financial assistance, pursuant to section 8.3 of the Bretton Woods and Related Agreements Act | $208,367 |
| Contributions | Research and Policy Initiatives Assistance | $200,000 |
| Contributions | Indigenous Participant Funding Program | $150,000 |
Explore other federal departments
Finance figures are net expenditures by standard object from Public Accounts Volume II, and will not match the Volume I consolidated headline totals. See the methodology for details.
