The Liberal Party has overtaken the Conservatives in third-quarter fundraising, raising $4.9 million compared to the Conservatives' $3.9 million. This financial shift arrives as Prime Minister Mark Carney readies the country for upcoming by-elections across Ontario, Quebec, and Saskatchewan, signaling an intensification of political competition.

A reversal in political fundraising

Historically, the Conservative Party has led in political fundraising, but recent Elections Canada data shows a change in momentum. In the second quarter of 2026, the Conservatives raised $5 million, outperforming the Liberals' $4.3 million. However, the third-quarter results show the Liberals have moved into the lead.

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This financial shift occurs while the Conservative Party faces internal challenges. Reports suggest the Conservative caucus is becoming "ever more restive" regarding the party's prospects under Leader Pierre Poilievre, even as officials maintain the party is on track to meet annual targets.

What is at stake in the upcoming by-elections?

The Liberal government currently holds a majority with 173 seats, but six vacancies have emerged in the House of Commons. The upcoming contests will focus on several key ridings:

  • Quebec: Three vacancies exist, including seats previously held by the NDP and the Bloc Québécois.
  • Saskatchewan: In Yorkton-Melville, the Liberals are running Mayor Aaron Kienle against Conservative Nelson Pohl. This seat has been held by Conservative-aligned parties for over 30 years.
  • Ontario: Multiple vacancies are expected, including Brantford-Brant, where a local Conservative candidate is running as an independent following a controversial leadership appointment.

How do by-elections work?

Under Canadian rules, once a seat in the House of Commons is left empty, the prime minister has a window of at least 11 and at most 180 days to set a vote. Campaigns themselves run between 36 and 50 days, so the actual ballot can land anywhere from roughly seven weeks to seven months after the seat opens.

FAQ

Which provinces will see by-elections?

By-elections are expected to take place in Ontario, Quebec, and Saskatchewan.

How much did the Liberal Party raise in Q3?

The Liberal Party raised $4.9 million during the third quarter of 2026.