A timeline of Flaherty’s life

1949

James Michael ( Jim) Flaherty is born in Lachine, Que. on Dec. 30. He goes on to earn a bachelor’s degree from Princeton University and a law degree from York University’s Osgoode Hall Law School, and then becomes a founding partner in the fi rm, Flaherty Dow Elliott.

1990

He unsuccessfully wades into provincial politics in Ontario, losing in the riding of Durham Centre.

1991

Triplet sons, Quinn, Galen and John are born to Flaherty and his wife, Christine Elliott.

1995

Flaherty wins a seat in the Ontario legislature as the representative of Whitby- Ajax.

1997

He enters the Mike Harris cabinet as minister of labour, and would go on to serve as attorney general, fi nance minister, enterprise minister and deputy premier under Harris and his successor, Ernie Eves.

2002

Flaherty fi ghts unsuccessfully to succeed Harris as Ontario Conservative leader, losing to Eves. In his leadership bid, he proposes a tax credit for parents to send their children to private schools and privatizing the Liquor Control Board of Ontario.

2006

Flaherty wins the federal riding of Whitby- Oshawa and becomes the fi nance minister of Prime Minister Stephen Harper’s new Conservative minority government.

2006- 08

He institutes a series of tax cuts, including shaving two percentage points off the GST to fulfi l a Conservative campaign promise, as well as a Registered Disability Savings Plan to help Canadians with disabilities and their families, and the Tax- Free Savings Account, which allows people to earn tax- free investment income.

2009

Flaherty’s fi rst budget after the global economic crisis contains a $ 40- billion stimulus package, as Canada plunges into defi cit, which he subsequently vowed to erase by 2015.

2012

Flaherty uses his budget to abolish the penny, which he said took 1.6 cents to produce.

2013

Flaherty says publicly he is taking steroid medication for a skin condition to address months of speculation about his health.

2014

Flaherty tables his fi nal budget in February . On March 18, Flaherty abruptly resigns as fi nance minister .