Canada is getting a new finance minister and, for the first time ever, it will be a woman. 

According to multiple reports, Prime Minister Justin Trudeau will be announcing Deputy Prime Minister Chrystia Freeland as Canada's newest finance minister.

In addition to her new job title, she will also continue as deputy prime minister. 

The news comes shortly after Bill Morneau announced he'd be stepping down from his role as Canada's finance minister. He resigned late Monday. 

"Like any job there's a time where you're the appropriate person and the time where you have to decide when you're not the appropriate person in the role," Morneau said in a press conference, adding that this was the appropriate time to resign. 

"When you take on a role like the finance minister you know that people are going to watch closely the role that you're playing and your actions and there's always gonna be a role for commentators to have a point of view."

Trudeau responded to the resignation, thanking Morneau for his "tireless" work. 

And thanks to his unwavering leadership and commitment to service throughout the pandemic, our government has laid the groundwork for a strong economic recovery. I have counted on his leadership, advice, and close friendship over the years and I look forward to that continuing.

— Justin Trudeau (@JustinTrudeau) August 17, 2020

Morneau and Trudeau are currently being investigated by federal ethics watchdog, Mario Don, for taking part in talks to give WE Charity a contract to run a student-volunteer program. Reports of the two clashing recently have also been swirling. 

Freeland also served as Canada's minister of international trade from 2015 to 2017 and as minister of foreign affairs from 2017 to 2019.