Finance Minister Jim Flaherty steps down from cabinet

WATCH: In a suprise announcement, Jim Flaherty revealed he was resigning as Finance Minister. Jacques Bourbeau has the story.

OTTAWA – Finance Minister Jim Flaherty has resigned from cabinet.

The three-term Ontario MP for Whitby-Oshawa said he’s returning to the private sector.

Flaherty will announce where he’s going when he’s ready, a spokesman said. For now, Flaherty is staying on as an MP.

Sources tell Global News Natural Resources Minister Joe Oliver will replace Flaherty as the Finance Minister. An official announcement is expected on Wednesday.

WATCH: Toronto Mayor Rob Ford has mixed emotions about his friend stepping down as Finance Minister

In a statement, Flaherty said his decision to leave has nothing to do with his health. He has been battling a rare skin condition, which he revealed publicly last year.

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He also thanked Prime Minister Stephen Harper.

“As a government, we achieved great things for Canada and I could never have accomplished what I have as Finance Minister without the full support of Prime Minister Harper,” he wrote.

“I am happy to report that I am on the road to a full recovery and the decision to leave politics was not related in any way to my health. This decision was made because it is the right one for me and my family at this time.”

Read Jim Flaherty’s full statement on his resignation below.

In a statement, Harper said he accepted Flaherty’s resignation “with great reluctance” and thanked him for his service to his constituents and Canada.

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“Canada has benefited immensely from Minister Flaherty’s contributions as one of the longest serving Finance Ministers in our history. Since 2006, he has been a steady hand, ably guiding Canada through the most challenging economic times since the Great Depression and gaining the country a solid global reputation for economic management,” wrote Harper.

The Canadian Press has prepared a graphic looking at Flaherty’s budgetary balances (below).