Jim Flaherty is leaving the federal cabinet after more than eight years as finance minister to prepare for a return to the private sector, saying the move is unrelated to his recent health problems.
Prime Minister Stephen Harper is expected to name his replacement Wednesday.
Flaherty, who delivered his final budget last month, said he made the decision with his family earlier this year.
An official in the Prime Minister's Office said Flaherty would be retaining — at least for now — his seat in the House of Commons, meaning he remains an MP for the time being.
Flaherty is among Canada's longest-serving finance ministers, appointed to the key economic post when the Conservative government first came to power in 2006.
He managed the country's economy through one of its worst economic crises in 2008-2009, running up large deficits but leaving the books virtually balanced after his Feb. 11 budget.
Speculation about Flaherty's future has risen in recent years after he acknowledged suffering from a rare skin condition, requiring him to take medication that led to weight gain and apparent fatigue in public appearances.
His long farewell message to Canadians, delivered unexpectedly on a government website, listed accomplishments such as cooling the housing market and introducing tax-free savings accounts.
But he also made special mention of his policies to help Canadians with disabilities. "Our government has worked hard to ensure our country benefits from the talents and abilities of Canadians with disabilities," he said.
