The Prime Minister's Liberal leadership campaign raised $5 million, largely due to the former central banker's "billionaire and business elite" connections, according to the Hill Times. Over $500,000 of this came from just five affluent Canadian neighbourhoods.

During the 45-day Liberal leadership race, which began on January 23, Prime Minister Mark Carney raised over $5 million from 25,337 individual contributions and an additional $46,331 from events, Elections Canada revealed. His financial return also notes a $150,000 loan from the Bank of Montreal with no outstanding balance.

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Carney raised just under $4.27 million from 22,051 "directed contributions" where Liberal Party members allocated donations toward a leadership candidate. Of the remaining $782,788 Carney received in regular campaign donations, 2,711 were $200 or less, and 227 were maximum or near-maximum donations of $1,750.

Belonging to the Asia Business Leaders Advisory Council (ABLAC) with Dominic Barton is one of Mark Carney’s top donors: Oliver Desmarais, Chair of the Canada China Business Council and Vice-President of Power Corporation.

Meet the new team. Same as the old one. https://t.co/Gg1Uy3e3ig pic.twitter.com/A1Lsh9l0Zd

— Andy Lee (@RealAndyLeeShow) March 14, 2025

The Investigative Journalism Foundation first reported that Carney's campaign was funded by wealthy connections, including John and Kenneth Irving ($14.47 billion net worth), Scott McCain ($13.16 billion net worth), Olivier and Paul Desmarais (nearly $10 billion net worth), and Charles and Stephen Bronfman ($3.6 billion net worth).

Carney also received maximum donations from former Brookfield Asset Management colleagues, billionaires Bruce Flatt and Jack Cockwell, and philanthropists John and Marcy MacBain, also billionaires.

His donations were largely from major cities, with over $500,000 from Toronto and six-figure sums from Ottawa, Vancouver, Brampton, and Calgary. Edmonton, his hometown, also contributed $92,814. 

However, just five neighbourhoods accounted for over 10% of his total donations.

"Members of six of Canada’s billionaire families have donated the legal maximum to Mark Carney's Liberal leadership campaign, according to an Investigative Journalism Foundation analysis of the first interim financial disclosures published by Elections Canada.

Carney raised $1.9… pic.twitter.com/59qE36pl7U

— cbcwatcher (@cbcwatcher) February 24, 2025

Around $570,000 was contributed to Carney's campaign from a few of the country's 1,650 Forward Sortation Areas, mainly from Ottawa’s Rockcliffe Park (K1M). This sum includes Carney’s own $25,000 donation, along with other maximum contributions from former neighbours like Sarah Baxter (Rockcliffe Park Foundation chair) and Elder Marques (former adviser in Justin Trudeau’s PMO).

Three Ottawa neighbourhoods (K1S) donated $105,731, with a maximum contribution from Scott Gilmore, PMO senior adviser on foreign, defence, and security policy.

Toronto's Rosedale (M4W) contributed $124,513, ranking second highest. Yorkville (M5R) was also in the top five with $82,075, just under Castlemore, Brampton, which donated $105,688.

While most Brampton donations were from party members, Carney's Toronto supporters in Yorkville, included maximum donations from investors, bankers, two CEOs, and notable figures like Rob Prichard, Brian and Joannah Lawson, and Greg Sorbara.

Carney received maximum donations in Rosedale from Andy Chisholm (RBC board), Donald Guloien (former Manulife CEO), and Roger Garland (former Four Seasons CFO).

Carney also received significant contributions from Toronto's Forest Hill/Deer Park ($64,675) and Thorncliffe Park/Flemingdon Park ($42,570); Montreal's Westmount ($63,600) and Beaconsfield ($47,132); and Caledon, Ontario's Bolton South ($47,908).

Who backs Carbon Tax Carney?

A Trudeau appointee who broke ethics laws—and she’s a max donor!

The disgraced ex-boss of the Liberal green slush fund is all in.

Conflict of Interest Carney? He’s just like Justin. pic.twitter.com/fYWmQPjRlp

— Michael Barrett (@MikeBarrettON) February 24, 2025

Kevin Bosch, a former Liberal staffer and Carney campaign supporter, noted Carney's impressive fundraising. He compared it to Trudeau's 2013 Liberal leadership campaign, which raised over $2.9 million from 10,500+ contributions in seven months, spent $1.48 million, and had an $800,000 surplus.

Bosch also noted the widespread excitement within the party for Carney, due to his anticipated candidacy, leadership victory, and his resume deemed perfect for the job.

Carney won the Liberal leadership with 85.9% of 151,899 votes on March 9. Chrystia Freeland placed second with 8%, followed by Karina Gould (3.2%) and Frank Baylis (3%).

From January to March 2025, the Liberal Party raised $13.7 million from 156,489 contributions, almost equaling prior annual sums. While fundraising dropped by nearly 50% to $7.6 million last quarter (April-June), they are still projected to surpass previous yearly totals, according to Elections Canada data.