Oliver to take over for Flaherty

After Jim Flaherty shocked the country Tuesday and announced his resignation as Finance Minister, he tweeted out a picture with the caption: “It has been an honour to serve Canada… Thank you for the opportunity.” And it hasn’t taken long for the Prime Minister to replace the only Finance Minister he’s ever had. Late tonight, news outlets confirmed that Natural Resources Minister Joe Oliver will be taking over for Flaherty.

Jim Flaherty says that after eight years running the country’s books — he’s returning to the public sector.

From introducing 40 billion dollars in stimulus during the recession: “We must do what it takes to keep our economy moving and to protect canadians in this extraordinary time.”

To his final budget — reassuring the country’s books are mere steps away from balance: “We’re not quite there yet, but we’re almost there.”

In his farewell statement as Finance Minister, it’s no wonder Jim Flaherty highlighted one of his greatest political accomplishments. He writes: “There is no doubt that Canada’s budget will be balanced in 2015. Canada’s fiscal position is the envy of the developed world. All Canadians can be proud of the country’s performance.”

There have been recent issues with his health – but Flaherty says that’s not why he’s heading back to the private sector. Marvin Ryder of the DeGroote School of Business says he was expecting Flaherty to step aside before the next election — but not this soon: “To go today I think is a combination of his health — even though he says it isn’t — and then the private sector has probably put a job offer in front of him that’s just too good to resist.”

Today Prime Minister Harper released a statement saying he accepted Flaherty’s resignation with great reluctance.

Long time family friend, Rob Ford, called the announcement “unfortunate” for Canada: “It’s a sad day for me. Losing a friend in politics, but I hope he’s ok.”

A lawyer by trade, Flaherty’s political career began in provincial politics. Among his portfolios under Mike Harris were labour and finance.

But his legacy lies in serving federally.

Marvin: “Things like the creation of the tax free savings account happened under his term. The tax decreases for the corporate sector make us one of the most competitive tax places in the world.”

Tonight PC Leader Tim Hudak is calling him: “Not only one of the longest serving finance minister’s in canadian history — but arguably the best Finance Minister this country has ever had.”

Flaherty’s provincial counterpart in Ontario also gave reaction tonight. Charles Sousa says he’s always respected Minister Flaherty’s leadership and writes: “His intentions are always good and I thank him for representing Canada well on the global financial stage. I wish Jim Flaherty the very best as he moves back to the private sector.”