Canada's next PM to be revealed on March 9 when Trudeau's party picks new leader

The Liberal Party of Canada will choose its next leader and the country's next prime minister on March 9, after Prime Minister Justin Trudeau's decision to step down as leader and prime minister after holding the reins for nine years.

"After a robust and secure nationwide process, the Liberal Party of Canada will choose a new leader on March 9, and be ready to fight and win the 2025 election," the party said in a statement.

The party's national council announced the date after a series of meetings this week. The entry fee for potential candidates has been set at CAD $350,000 (approximately $242,920), a significant increase from the previous CAD $75,000 fee.

Candidates must declare their intention to run and pay the fee by January 23, with voter registration open until January 27, according to a Reuters report.

The Liberal party has also changed voting eligibility, limiting it to Canadian citizens and permanent residents aged 14 and older. This move addresses concerns about foreign interference, as non-Canadian residents were previously allowed to vote in party contests, reports CBC News.

Several cabinet insiders, including two Indian-origin candidates, Chandra Arya and Anita Anand, are also considering participating in the race.

Former central banker Mark Carney and former finance minister Chrystia Freeland, who resigned as deputy prime minister and finance minister before Trudeau announced his resignation, have also expressed interest.

Ottawa MP Chandra Arya and former Montreal MP Frank Baylis have already declared their candidacies, according to The Toronto Star.

Governor General Mary Simon has suspended Parliament until March 24, giving the new prime minister only a few weeks to transition into the role.

Trudeau will remain as prime minister and Liberal leader until a new leader is chosen.

The next elections in Canada are scheduled for October 20. The polls indicate that Conservatives, who are in opposition currently, are favoured to win, with voters frustrated by high prices and a lack of affordable housing. The opposition Conservative Party garnered nearly 50% support, according to a survey.

This has made the Conservative leader, Pierre Poilievre, the top choice for Prime Minister, with 45% support, well ahead of Trudeau, who is trailing at just 26%.

Trudeau's decision to step down comes after nine years in power and amid pressure from lawmakers concerned about the party's poor performance in pre-election polls.

Trudeau has faced criticism from his own party leaders as US President-elect Donald Trump threatened to impose 25% tariffs on all goods, with Trudeau arguing that they would harm both nations.

Trump has also referred to Canada as a US state, to which Trudeau responded that there was "not a snowball's chance in hell" that Canada would become part of the US.

The upcoming leadership race will be crucial for the Liberal Party as it prepares for the 2025 election.