Conservative Party had $85M in revenue but ended 2025 with a $14M deficit

Conservative Party had $85M in revenue but ended 2025 with a $14M deficit

Party spent nearly $100M last year, including $39.4M on advertising

After taking in $84.6 million in revenue in 2025, the Conservative Party still finished the year with an annual deficit of more than $14 million according to recently published financial audits.

The audit filed with Elections Canada says the Conservatives' on-hand reserves helped clear some of that deficit but its fund still ended 2025 with almost $5 million in net debt. In 2024 the fund had a surplus of $9.4 million.

The Liberal Party meanwhile finished 2025 with an annual surplus of $3.6 million after bringing in $60.7 million in revenue. In 2024 the party ran an annual deficit of about $1.7 million.

The audit says the party's fundraising arm ended the year with an improved financial position showing a $7.85-million surplus on their balance sheet, up from $4.2 million in 2024.

The NDP has yet to file its audited financial reports for 2025 with Elections Canada.

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What is perhaps most remarkable about the financial statements for Canada's two biggest political parties is how much the Conservatives spent in 2025.

Taking into consideration it was an election year, when spending is always higher, the Conservatives spent $99 million in 2025, up from $50 million spent in 2024.

The Liberals spent almost $55 million in 2025, up from $18 million the previous year.

The bulk of the revenue each party brought in last year came in the form of donations and election rebates. Candidates that secure at least 10 per cent of the votes in their ridings are eligible for personal and election expense reimbursements. The program is designed to reduce barriers to running for office.

The Liberals took in more than $29 million in donations and more than $31 million in election rebates.

The Conservatives brought in $48.3 million in donations. The independent audit of their expenses lists $32.7 million in government transfers but does not provide a breakdown of that number.

Sarah Fischer, the director of communications for the Conservative Party of Canada, told CBC News that, of the more than $35 million the party spent during the writ period for the 2025 election, almost $25 million will be "recovered through statutory rebates that are received following the election."

The Liberals spent almost as much as the Conservatives during the last election, forking out $34.2 million.

While the NDP's annual audited financial statements have yet to be filed, the party has filed its election expenses which totalled almost $24 million.

Fischer said that the Conservative Party had a $30-million credit facility for the election with a Canadian financial institution and all of that money was used.

The loan is repaid "through rebates and fundraising," she said.

Despite spending nearly $100 million last year, the Conservatives lost the election and leader Piere Poilievre lost his seat. Since then the party has seen four of its members of Parliament cross over to the Liberals and another appointed to the Senate.

In all of 2025, the Liberals spent $21.6 million on advertising on radio, television and other areas, with $21.3 million of that spent during the election period.

The Conservatives spent $39.4 million on advertising over the course of the year, with $22.7 million spent during the last federal campaign according to returns filed with Elections Canada.

The audits also show how much each party spent last year on staff and salaries: $10.9 million for the Conservatives and $9 million for the Liberals.

The Conservatives' largest expense category was transfers out, which stood at more than $17 million, compared to the Liberals who had transfers totalling $6.7 million.

The audits do not provide details of where these transfers were sent, but according to Elections Canada, a party can transfer funds, property or services to entities that have the same political affiliation, such as an electoral district association or candidate.

Peter Zimonjic is a senior writer for CBC News who reports for digital, radio and television. He has worked as a reporter and columnist in London, England, for the Telegraph, Times and Daily Mail, and in Canada for the Ottawa Citizen, Torstar and Sun Media. He is the author of Into The Darkness: An Account of 7/7, published by Vintage.