The Conservative Party raised a record $48.5M in 2024 but spent nearly $50M—focusing heavily on ads, travel, and polling ahead of the federal election.
Fundraising Hits Historic High
The Conservative Party of Canada raised a record-breaking $48.5 million in 2024 but spent nearly $50 million in a high-stakes pre-election year, according to financial disclosures filed with Elections Canada. The party’s revenue included $42 million in donations and another $5 million from membership fees, reflecting an unprecedented level of grassroots support.
Pre-Election Spending Surges
Despite the massive fundraising haul, the Conservatives outspent their income by nearly $1.5 million, channeling funds into an aggressive nationwide campaign. Advertising topped the expenditure list, with the party spending $16.5 million—nearly double the previous year—including $7.8 million on television, $7.1 million on digital platforms, and $1.5 million on radio.
Additionally, the party poured more than $2.5 million into internal research and polling and logged $1.5 million in travel and hospitality expenses as its leader crisscrossed the country.
Messaging Focused on Change
In September 2024, the Conservatives launched their main campaign ad, encapsulating key promises such as capping spending, axing taxes, securing borders, and building homes. The ad reflected themes that leader Pierre Poilievre repeated throughout his 600 public events that year, including factory tours, community rallies, and interviews with high-profile media figures.
Outcome Sparks Strategic Questions
Despite strong polling and aggressive campaigning, the Conservatives fell short of forming government in the April 28, 2025 federal election. They gained seats and increased their share of the vote, but Poilievre lost his long-held Ottawa-area seat in Carleton. He is now contesting a byelection in a rural Alberta riding, scheduled for August 18.
Targeting the NDP Backfired
The party’s intensified focus on attacking former NDP leader Jagmeet Singh drew criticism from within. One January 2025 ad accused Singh of backing the Liberal government to protect his MP pension. Singh lost his seat and later resigned, leaving the NDP with only seven MPs—short of official party status.
Conservative strategist Fred DeLorey called the attacks a “foolish waste of money,” arguing that the campaign may have leaned too heavily on criticism rather than promoting its own agenda.
Financial Oversight and Leadership Review Ahead
As required by the party’s constitution, the Conservative Fund will present a detailed financial report at the upcoming national convention in Calgary this January. Poilievre will also face a mandatory leadership review and an accountability session with party delegates.
Sarah Fischer, director of communications for the party, stated the Conservatives closed the year with nearly $16 million in cash and net assets of over $9 million. “As is typical in the pre-writ period, in 2024 the party spent slightly more than it raised,” she said.
Post-Election Reflection Begins
Insiders like DeLorey are now calling for a comprehensive post-mortem on the party’s spending and messaging decisions. “We need to evaluate whether we targeted the right voters, or if the message was too focused on opposition rather than vision,” he said.
With an accountability review looming and another leadership test ahead, the Conservative Party must now weigh the effectiveness of its record-breaking financial strategy—and whether it ultimately moved the needle at the ballot box.
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