Canada's Liberal Party to select next PM on March 9
What's the story
Canada's ruling Liberal Party has announced that it will select a new leader on March 9, after Prime Minister Justin Trudeau resigned.
The decision comes after the party's National Board of Directors met to set the framework and rules for the leadership race.
Trudeau, who has been in power for nine years, will remain in his position until his successor is elected.
Race details
Leadership race rules and potential candidates
The Liberal Party has given a deadline of January 23 for candidates to declare their participation in the leadership race, with an entrance fee of C$350,000 ($242,905).
Voting eligibility is limited to Canadian citizens and permanent residents who must register by January 27.
Potential contenders include former Deputy Prime Minister Chrystia Freeland, ex-Bank of Canada Governor Mark Carney, former British Columbia Premier Christy Clark, Indo-Canadian MP Chandra Arya and businessperson Frank Baylis.
Race developments
Finance Minister bows out of race, Parliament prorogued
Notably, Finance Minister Dominic LeBlanc has opted out of the leadership race, citing his focus on potential American tariffs under incoming US President Donald Trump.
The Canadian Parliament will be prorogued till March 24, giving the new leader time to prepare for a potential no-confidence vote.
Notably, this comes at a critical time when all three opposition parties have pledged to topple the Liberal Party's minority government in a no-confidence vote as soon as Parliament resumes after March 24.
Election outlook
Upcoming election and voter sentiment
The next Canadian election is due by October 20. Recent polls suggest the opposition Conservatives are likely to win as voters are upset over economic issues.
This political uncertainty comes at a difficult time as US President-elect Donald Trump, who will assume office on January 20, called Canada the "51st US State" and threatened to impose 25% tariff on all Canadian goods.