The federal government is planning to name Finance Canada's new headquarters the James M. Flaherty Building in honour of the late finance minister, CBC News has learned.

Flaherty passed away suddenly last month, just weeks after stepping down from his cabinet post.

He served as the federal finance minister from 2006 until March 2014, most notably during the financial crisis of 2009 that triggered the great recession.

Flaherty Building

An artist's impression depicts the future headquarters for Finance Canada, which will be named the James M. Flaherty Building. (Public Works and Government Services Canada)

The Lorne Building in downtown Ottawa is under redevelopment and sources say that when completed its name will be changed to honour one of Canada's longest-serving finance ministers.

The previous building on the site was named after John Campbell, or as he was more commonly known at the time, the Marquess of Lorne, Canada's third governor general.

The Department of Finance is scheduled to begin moving in to the new headquarters toward the end of this year.