Who’s in the race to be Canada’s next Prime Minister?

The fight to replace Justin Trudeau is officially underway, and it’s shaping up to be a two-horse race.

Candidates had until January 23 to declare, and those running must pay a $350,000 entrance fee to qualify. The Liberal Party’s new leader will be announced on March 9 following the leadership election.

So, who’s in the running?

The contenders:

Mark Carney, former Governor of the Bank of Canada (2008–2013) and the Bank of England (2013–2020), launched his campaign last week in Edmonton. Known for his leadership during the 2008 financial crisis and his role in guiding the UK through Brexit, Carney most recently served as chair of the Liberal Task Force on Economic Growth.

Positioning himself as a political outsider, Carney is not currently a Liberal MP. His campaign focuses on leveraging his banking expertise to rebuild Canada’s economy.

Chrystia Freeland, a high-profile figure in the Trudeau government since 2015, brings significant experience to the race. As Deputy Prime Minister and Finance Minister, she played a leading role in Canada’s pandemic recovery and fiscal management.

Her tenure as Minister of Foreign Affairs (2017–2019) earned her recognition for renegotiating trade agreements with the United States. After resigning from cabinet in December 2024 over disagreements with Trudeau’s fiscal approach, Freeland is now pitching herself as the candidate best equipped to handle a potential trade war with the Trump administration.

A dark horse:

At 37, Karina Gould is the youngest candidate in the race. A cabinet minister from Burlington, Ontario, Gould is campaigning on the need for generational change.

Gould made history as the youngest woman to serve in a federal cabinet and as the first minister to give birth while in office. She gained further recognition in 2018 as the first cabinet member to take maternity leave. 

The others:

The race also features backbench MPs Frank Baylis and Chandra Arya. Arya drew controversy by dismissing the need to speak French, a bold stance in a country where bilingualism is often seen as essential for leadership.

The stakes are high in this short race. The new leader—and Prime Minister—must secure the confidence of the House of Commons when it returns on March 24. If the new Prime Minister fails, Canada could be heading for an early election this spring.