Tories Out-Fundraised Liberals by $18 Million in 2025 as Both Parties Tout ‘Record’ Year

Conservative Leader Pierre Poilievre (L) and Prime Minister Mark Carney shake hands before question period in the House of Commons on Parliament Hill in Ottawa on Sept. 15, 2025. The Canadian Press/Adrian Wyld

It was an election year in 2025 and even though Liberals formed government with a strong minority, Conservatives maintained their fundraising lead.

The two major parties reported in recent days the amounts they were able to raise last year, ahead of the official information for the last quarter of 2025 being made available by Elections Canada.

Conservatives said they received almost $48 million in donations, “breaking all fundraising records for any political party in Canadian history.”

“These generous donations from people across the country demonstrate the widespread faith in our Conservative message of hope for a safer, more affordable Canada,” Tory Leader Pierre Poilievre said in a Jan. 28 statement.

Poilievre added this positions his party well to face the Liberals “whenever the next election comes.”

The Liberal Party had a similar message on Jan. 23 when it announced that 2025 was its “best-ever” year for fundraising, collecting more than $29 million in donations. This amount is nearly double what was donated in 2024, the party said.

Liberal Party National Director Azam Ishmael said this record haul shows Canadians support Prime Minister Mark Carney’s plan to “build a stronger Canada.”

“That momentum is helping grow our party, and ensuring we’re ready to win, whenever the next election arrives,” he said.

Speculation that an election could come early has been rife in recent days following two key speeches by Carney, first in Davos, Switzerland, and then in Quebec City.

The prime minister dismissed the suggestion his party is preparing for a snap election when pressed by reporters on Jan. 26. “Of course we’re not. We’re not, we’re focused on results for Canadians,” he said.

Carney made the comments after an announcement of new affordability measures, which include an increase of the GST credit that is geared toward low and modest income Canadians. The measure, to cost several billion, did not figure in Budget 2025 adopted by the House of Commons in November.

The large lead Conservatives have over the Liberals in fundraising has not translated in voter support, according to polls. Liberals have maintained their lead over the Tories in most polls since the April 2025 election.

The latest Léger poll, conducted after Carney’s speeches, was released on Jan. 26 and gives the Liberals 47 percent in voting intentions, a rise of 4 percent since the December poll. Meanwhile, Conservatives gained two points to reach 38 percent.

Léger’s numbers suggest a drop in support for the NDP, Bloc Québécois, and Green Party explains the jump for the Liberals.

Abacus Data reported this week a five-point lead by the Liberals (43 percent) over the Tories (38 percent) as they gained two points. Meanwhile Tories dropped one point, the Bloc gained two, and the NDP and Greens both dropped one point.

The polling numbers were released as the Conservative Party convention is about to get under way later this week in Calgary. Along with debating policy proposals, Poilievre’s leadership will undergo a review.

The party constitution states that delegates via a secret vote can trigger the selection of a new leader at a convention following an electoral loss.

Poilievre has not faced public criticism from his caucus, but two of his MPs crossed the floor to join the Liberals in late 2025.