Former federal finance minister Jim Flaherty died suddenly today, possibly of a heart attack, according to media reports. He had resigned from cabinet last month.
In a statement, his family said Flaherty, 64, passed away peacefully.
Flaherty was elected as a member of parliament in 2006 and became finance minister that year. He retained the portfolio through the years following the 2008 global financial meltdown. In his most recent budget, he projected a surplus of $6.4 billion in 2015 after several years of running a deficit.
"This is a terrible loss for our country," said B.C.'s premier, Christy Clark, in a press release. "Jim was a great leader and Canadian. He served with distinction in both provincial and federal politics, and made a difference in both. Under his watch, Canada returned to stability and balanced budgets."
Flaherty had been diagnosed with a rare skin but serious skin condition, bullous pemphigoid, which required him to scale back some of his work load and international travel. On March 18, he announced he would resign as Minister of Finance to return to the private sector.
B.C.'s finance minister, Mike de Jong, praised Flaherty's integrity and leadership skills.
"His resilience guided Canada through a challenging economic period, and our country has emerged on an even-stronger footing," de Jong said.
Greg D'Avignon, president and CEO of the Business Council of B.C., said Flaherty truly listened to and engage with members of the business community over a range of complex issues, such as his efforts to create a national securities commission, B.C.'s transition from the HST back to the PST, and recent changes to the way Ottawa funds research and development.
As a former Ontario finance minister, Flaherty was also able to put to use a deep understanding of provincial politics, D'Avignon told Business in Vancouver.
"He really understood the connections between different parts of the country and was out here regularly," D'Avignon said.
"His track record was that Canada emerged from the global recession of 2008/2009 better than any other G7 collective."
