Conservative Party ended 2025 with $14M deficit despite $85M in revenue

Canada's Conservative Party finished 2025 with an annual deficit of more than $14 million despite bringing in $84.6 million in revenue, according to recently published financial audits filed with Elections Canada.

The party's on-hand reserves helped offset some of that deficit, but the fund ended the year with almost $5 million in net debt. In 2024, the fund had held a surplus of $9.4 million.

What stands out most is the sheer amount the Conservatives spent: $99 million over the course of 2025, more than double the $50 million spent in 2024. The bulk of that spending—$39.4 million—went to advertising across radio, television, and other channels, with $39.4 million of that spent during the election period alone.

The party relied heavily on fundraising and government rebates to finance the spending. Conservatives brought in $48.3 million in donations, while independent audits list $32.7 million in government transfers. Conservative Party communications director Sarah Fischer said that of the $35 million spent during the election writ period, almost $25 million will be "recovered through statutory rebates that are received following the election."

The party secured a $30 million credit facility with a Canadian financial institution for the election campaign, with all of that money used and repaid "through rebates and fundraising," Fischer said.

Despite the spending, the Conservatives lost the election and leader Pierre Poilievre lost his own seat. Since then, the party has seen four MPs cross over to the Liberals and another appointed to the Senate.

By contrast, the Liberal Party finished 2025 with a $3.6 million surplus after bringing in $60.7 million in revenue and spending almost $55 million. The NDP has yet to file its audited financial reports for 2025 with Elections Canada.