Finance
How Finance spent its budget in fiscal year 2023-24, on a Volume II appropriations basis.
Department Spending
In FY 2023-24,
$136.11B
was spent by Finance
In FY 2023-24,
26.5%
of federal spending was by Finance
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.
The Department of Finance spent $136.11B in fiscal year (FY) 2024. This was 26.5% of the $513.9 billion in overall federal spending. The department ranked first among federal departments in total spending.
Federal spending may shift over time due to population growth, changes in policy and programs, and emerging problems to address. Since 1995, overall federal spending has risen 74.9%, while Department of Finance spending has increased 41.4%.
Major legislation, internal or global economic conditions, and acute events like the COVID-19 pandemic can affect spending year to year. For example, the federal expenses fluctuated during the pandemic, rising from $410.2 billion (in 2024 dollars) in 2019 to $420 billion in 2020 and $720.3 billion in 2021
Most federal spending can be categorized as direct or indirect. Direct spending refers to money the federal government spends on budget items such as federal programs, employee salaries, and debt interest. Indirect spending refers to federal transfers to other levels of government.
In FY 2024, Finance Canada transferred 66.2% of its total spending to provinces and territories. The chart below outlines all departmental spending in 2024.
Federal departments often contain other entities including offices, crown corporations and agencies. In FY 2024, Department of Finance entities with the highest expenditures were the Office of the Superintendent of Financial Institutions, Office of the Auditor General, and the Financial Transactions and Reports Analysis Centre of Canada.
The Department is led by the Minister of Finance, who is appointed by the Governor General on the advice of the Prime Minister and then formally sworn into office at Rideau Hall. They take the Oath of Office and the Oath of Allegiance and become a member of the King's Privy Council for Canada.
The Minister of Finance is one of the cabinet members who serve at the Prime Minister's discretion. Their tenure typically ends when they resign, are replaced, or when a new Prime Minister takes office and appoints a new cabinet. Outgoing ministers remain in their roles until their successors are sworn in.
How did Finance spend its budget in 2023-24?
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
$136.7M
$98.6M
$53.4M
Finance’s share of federal spending
Percentage of federal spending, 1995–2025
Line items
Complete appropriation (vote/allotment) and transfer-payment lines, in dollars. Search, sort, and download the full table.
| Vote | Description | Total available | Used ▼ | Lapsed |
|---|---|---|---|---|
| Statutory amounts | Statutory amounts | $135,156,509,811 | $135,087,937,218 | $68,572,593 |
| Vote 1 | Program expenditures | $440,933,851 | $423,513,715 | $17,420,136 |
| Statutory amounts | Statutory amounts | $368,552,881 | $310,227,408 | $58,325,473 |
| Vote 1 | Program expenditures | $125,294,778 | $122,871,649 | $2,423,129 |
| Vote 1 | Program expenditures | $110,722,282 | $89,388,457 | $21,333,825 |
| Statutory amounts | Statutory amounts | $53,367,176 | $53,367,176 | $0 |
| Statutory amounts | Statutory amounts | $13,913,313 | $13,863,152 | $50,161 |
| Statutory amounts | Statutory amounts | $9,235,210 | $9,234,462 | $748 |
| Vote 1 | Program expenditures | $1,244,352 | $1,244,352 | $0 |
| Vote 5 | Authority for amount by way of direct payments to the International Development Association pursuant to Bretton Woods and Related Agreements Act | $1 | $0 | $1 |
Explore other federal departments
Finance figures are on a Volume II appropriations basis and will not match the Volume I consolidated headline totals. See the methodology for details.
