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.