The Ministry of Finance is a portfolio in the

Executive Council of Ontario The Executive Council of Ontario (french: Conseil des ministres de l'Ontario), often informally referred to as the Cabinet of Ontario (french: Cabinet de l'Ontario, links=no), is the cabinet of the Canadian province of Ontario. It comprises minis ...

, commonly known as the

cabinet Cabinet or The Cabinet may refer to: Furniture * Cabinetry, a box-shaped piece of furniture with doors and/or drawers * Display cabinet, a piece of furniture with one or more transparent glass sheets or transparent polycarbonate sheets * Filing ...

. The Minister of Finance is responsible for managing the

fiscal Fiscal usually refers to government finance. In this context, it may refer to: Economics * Fiscal policy, use of government expenditure to influence economic development * Fiscal policy debate * Fiscal adjustment, a reduction in the government ...

financial Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...

and related regulatory affairs of the Canadian province of

Ontario Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central Ca ...

. The cabinet post used to be called the Treasurer of Ontario and was changed to be in line with similar posts in other

Canadian provinces Within the geographical areas of Canada, the ten provinces and three territories are sub-national administrative divisions under the jurisdiction of the Canadian Constitution. In the 1867 Canadian Confederation, three provinces of British North ...

and in the federal government.

History

For most of the period from 1867 until 1993, the minister was called the treasurer or provincial treasurer. https://tvo.org/blog/current-affairs/here-comes-the-budget The ministry were renamed the Ministry of Economics in 1956 and the minister became known as Minister in charge of Economics instead of treasurer. From January to December 1961, the ministry became the Ministry of Economics and Federal and Provincial Relations. The title of treasurer was revived in December 1961 with the minister also often holding the secondary title of minister of economics or some variation after 1968. Frank Miller had the sole title of minister of economics from 1978 until 1981 when he was given the additional title of treasurer. At various times in the 1960s and 1970s the minister also held the titles of chairman of the management board of cabinet, chairman of the treasury board and/or minister of revenue. This practice was revived in recent years with

Greg Sorbara Gregory Samuel Sorbara (born September 4, 1946) is a former politician in Ontario, Canada. He was a Liberal member of the Legislative Assembly of Ontario from 1985 to 1995, and again from 2001 to 2012 who represented ridings north of Toronto in t ...

acting as finance minister and chair of both the management board and the treasury boar

It has ended as there is now a different person holding the position of chair of the management and treasury board. In 1993, the positions of treasurer and minister of economics were formally combined and renamed the minister of finance. In early 2007, Premier

Dalton McGuinty Dalton James Patrick McGuinty Jr. (born July 19, 1955) is a former Canadian politician who served as the 24th premier of Ontario from 2003 to 2013. He was the first Liberal leader to win two majority governments since Mitchell Hepburn nearl ...

split the province's revenue collection function from the Ministry of Finance and resurrected the Ministry of Revenue, a ministry/portfolio that had not been used since the

Ontario New Democratic Party The Ontario New Democratic Party (french: link=no, Nouveau Parti démocratique de l'Ontario; abbr. ONDP or NDP) is a social-democratic political party in Ontario, Canada. The party currently forms the Official Opposition in Ontario following th ...

government of

Bob Rae Robert Keith Rae (born August 2, 1948) is a Canadian diplomat and former politician who is the current Canadian Ambassador to the United Nations since 2020. He previously served as the 21st premier of Ontario from 1990 to 1995, leader of the ...

in 1993. Following the

2011 Ontario general election The 2011 Ontario general election was held on October 6, 2011, to elect members of the 40th Legislative Assembly of Ontario. The Ontario Liberal Party was elected to a minority government, with the Progressive Conservative Party of Ontario (PC Pa ...

, the Ministry of Revenue was merged back into the Ministry of Finance. Since 1985, the Provincial Treasurer or Minister of Finance has frequently, but certainly not always, concurrently held the appointment

Deputy Premier of Ontario The deputy premier of Ontario (french: vice-première ministre de l'Ontario) is a minister of the Crown and senior member of the provincial Executive Council (Cabinet). The office was first created in 1977 is conferred on the advice of the premi ...

List of ministers

References

External links

* {{Authority control 1867 establishments in Ontario

Ontario, Finance

Finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...

Oshawa