Born in Sydney, Nova Scotia, he received a Bachelor of Arts degree in Economics from Mount Allison University, a Master of Economics degree from the University of Manchester, and a Doctor of Philosophy in Economics from McMaster University in 1980.
Lynch began his career with the Bank of Canada as an economist in 1976. In 1981, he joined the Department of Finance and rose quickly through the ranks, becoming a Director in 1983 and an Assistant Deputy Minister in 1988. In 1992 he became Associate Deputy Minister at Industry and Deputy Minister of that Department in 1995.
In 2000, he returned to Finance, this time as Deputy Minister.
In 2004, he moved from Ottawa to Washington, District of Columbia to serve as Executive Director for the Canadian, Irish and Caribbean constituency at the International Monetary Fund. On March 6, 2006, he became the 20th Clerk of the Privy Council.
On May 7, 2009, he announced that he would step down on July 1. He was replaced by Secretary of the Treasury Board Wayne Wouters.
He is Vice-Chair of the BMO Financial Group and the Chair of the Board of Governors of the University of Waterloo.
In September 2011, the Asia Pacific Foundation of Canada (Association des Paralysés de France Canada) and the Canada West Foundation established the Canada-Asia Energy Futures Task Force with Lynch and Kathleen (Kathy) East. Sendall, Certificated Master, FCAE, a former Governor and Board Chair of the Canadian Association of Petroleum Producers (CAPP), as co-chairs, and to investigate a long-term Canada-Asia energy relationship. One of their recommendations was the creation of a public energy transportation corridor. On July 1, 2013, Lynch became Chancellor of the University of King"s College in Halifax, Nova Scotia.
On May 11, 2009 he was sworn in as a member of the Queen"s Privy Council for Canada giving him the Pre-nominal title "The Honourable" and the Post-nominal letters "Personal Computer" for Life.
