Ontario Finance Minister Greg Sorbara is quitting the Liberal cabinet to spend more time with his family, he said in a surprise announcement on Friday afternoon.

Sorbara will not be a part of the new cabinet Premier Dalton McGuinty will appoint on Tuesday, but he will keep his seat in the legislature.

With his wife Kate by his side, Sorbara said he informed McGuinty of his decision on Thursday.

"That decision has been the most difficult of my political life and it is a deeply personal decision,'' Sorbara told reporters at a press conference.

"For the past seven years, I've given the bulk of my energy to the viability of our party and since October 2003 to the success of our government. It is time now for me to redirect that energy to those who are more dear to me than anything in my life, and that is my family.

"I have six kids and each of them have partners, and their lives are so interesting and so attractive to me, and, yet, I can get little snippets of them."

The 61-year-old former lawyer and businessman said he now has 10 grandchildren, and wants to have the time to teach them "how to throw a baseball."

Sorbara easily won re-election in Vaughan during this month's provincial election. He also acted as the Liberal campaign chairman, helping the party form its second-straight majority government -- a feat not accomplished in 70 years.

Sorbara said he and his wife agonized over his decision following the election victory.

Sorbara was finance minister from 2003 to 2005 before he stepped down while the RCMP investigated two land deals at a business where he once worked as a director. He was cleared of all allegations and returned to the post last year.

Sorbara wouldn't say if he plans to run again in the next election in 2011, saying that date is too far away.

He said he felt confident he was leaving the province's finances in better shape than he found them.

"I am leaving a job that I have truly loved,'' he said, "and one where we have had a significant measure of success.''

When Sorbara took office in 2003, he inherited a $5.6-billion deficit from the former Progressive Conservative government. The Liberals said they were forced to impose an unpopular health-care tax.

Sorbara managed to balance the province's books, and this summer, the government announced it ended last fiscal year with a $2.3 billion surplus.

Sorbara was nearly in tears on Friday when he spoke about his time as finance minister.

"It has been the greatest honour of my life to have served my premier, to have served the government, and most importantly, the people of this magnificent province."

Conservative Leader John Tory said was he was concerned by the surprise announcement.

"I think Mr. McGuinty and his government are going to be in some trouble without Greg Sorbara," Tory said.

"I think the average IQ around the table has just crashed with his departure and I'm concerned about that for the sake of the province."

With files from The Canadian Press