Update: According to CBC reports, Natural Resources Minister Joe Oliver is expected to replace Jim Flaherty as Canada's minister of finance.
After 10 federal budgets, Jim Flaherty is calling it quits.
Citing a desire to get back to the public sector, the Harper government's only finance minister made the announcement with a statement on Tuesday afternoon.
"Yesterday, I informed the Prime Minister that I am resigning from Cabinet. This was a decision I made with my family earlier this year, as I will be returning to the private sector," Flaherty, a former lawyer and ex-Ontario MPP wrote.
"I am grateful to Prime Minister Stephen Harper for providing me with the opportunity and responsibility to serve Canadians as their Minister of Finance since 2006, one of the longest serving Finance Ministers in Canadian history. As a government, we achieved great things for Canada and I could never have accomplished what IRead More »from Finance Minister Jim Flaherty resigns, may be replaced by Joe Oliver