Fundraising Gap Narrows as Liberals Close In on Conservatives

Mark Carney’s first year as leader reshapes the federal money race, even as Conservatives maintain an overall fundraising edge.

The latest fundraising numbers from Elections Canada are in, and the race between Mark Carney’s Liberals and Pierre Poilievre’s Conservatives is now as close as it has ever been.

Fundraising figures for Q4 2025 show the Conservatives bringing in $6.41 million to close out the year—marking the party’s weakest fourth-quarter haul since 2021, immediately following the last federal election.