Finance Minister Jim Flaherty resigns from cabinet

Finance Minister Jim Flaherty is resigning from the federal cabinet and will be returning to the private sector.

In a statement released Tuesday by his office, Mr. Flaherty said it is a decision that he made with his family earlier this year. Mr. Flaherty said his goal was always to get Canada back on track toward a balanced budget, a goal he said was achieved with last months budget. (Read the statement)

BNN Video Mar. 18 2014, 5:16 PM EDT

Mr. Flaherty has been finance minister since Stephen Harper first became Prime Minister in 2006.

Now, I will focus on life beyond politics as I return to the private sector. I believe that I have served my country, province and constituents of Whitby-Oshawa to the best of my abilities and thank them for their continued trust and support for almost two decades. It has been an honour to serve Canadians with the prime minister, cabinet and caucus colleagues and all Members of Parliament in the House of Commons, he said.

As many of you know, I faced a health issue over this past year. I have received much support and good wishes from Canadians across the country and for that, I am thankful. I am happy to report that I am on the road to a full recovery and the decision to leave politics was not related in any way to my health. This decision was made because it is the right one for me and my family at this time.

Mr. Harper issued a statement praising Mr. Flahertys record in office.

On behalf of cabinet, Members of Parliament and all Canadians, I thank Minister Flaherty for his long and dedicated service to his constituents and to Canada. We wish him and his family well as he begins the transition to private life, said Mr. Harper.

The government will announce a new finance minister Wednesday, sources say.

Sources say the next finance minister, whos already been chosen, will be somebody with impressive credentials and whos very capable.

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Finance Minister Jim Flaherty resigns from cabinet