Tiff Macklem

Tiff Macklem was appointed Governor of the Bank of Canada, effective June 3, 2020, for a seven-year term. As Governor, he is also Chair of the Board of Directors of the Bank and a member of the Board of Directors of the Bank for International Settlements. He is chair of the Group of Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision, and co-chair of the Financial Stability Board’s Regional Consultative Group for the Americas. 

Mr. Macklem first joined the Bank in 1984 and returned in 1989. He occupied increasingly senior positions in what is now the Canadian Economic Analysis Department until his appointment as Chief in January 2000. He was appointed Advisor to the Governor in August 2003 and made a Deputy Governor in December 2004. 

During the 2008–09 global financial crisis, Mr. Macklem was Associate Deputy Minister at the Department of Finance Canada and represented Canada at the G7, G20 and Financial Stability Board. Mr. Macklem returned to the Bank in July 2010 when he was appointed Senior Deputy Governor. 

In July 2014, Mr. Macklem assumed the role of Dean of the Rotman School of Management at the University of Toronto. During his time at Rotman, he frequently spoke about the global financial system, risk management and public policy. Before becoming Governor, Mr. Macklem served as a director of the Bank of Nova Scotia and chair of its board risk committee. He was also chair of Ontario’s Panel on Economic Growth and Prosperity, the federal Expert Panel on Sustainable Finance and the Global Risk Institute in Financial Services.  

Born in Montréal, Quebec, Mr. Macklem graduated from Queen’s University in 1983 with a bachelor’s degree in economics. He completed a master’s degree in 1984 and a PhD in economics in 1989, both from the University of Western Ontario.