Peter McKay says he was owed $ 1M after the Tory leadership race. He is still paying it

Former Progressive Conservative Prime Minister Brian Mulroney is handling a virtual fundraiser for Peter McKay this month as McKay seeks to pay off his debt from the 2020 Conservative Party Leadership Race.

McKay finished in second place, which he said is $ 1 million in debt, despite fundraising three of his other rivals until the race ended in August.

Election Canada records show that since September, he managed to raise more than $ 527,000 to pay that off, including $ 1,650 from another former prime minister – Stephen Harper.

McKay was largely waiting for a new calendar year to step up his efforts, with many donors taking maximum advantage over acceptable contributions in 2020 due to the race.

In addition to a marquee fundraiser on May 20 with Mulroney, he has held private events from Harper, former and current Tory MPs, and will appear next week with country music star George Canyon, who has rode the Middle Nova for Turkey Tried to win. In the last election.

Of the four finalists in the leadership race, McKay is the only one with a loan.

How she reached such a large amount after raising nearly $ 3.1 million is yet to be known in detail. McKay opened a line of credit with a bank in Nova Scotia during a campaign of upwards of $ 489,000, as well as a $ 25,000 loan to his campaign.

The money he spent, and what remains to be paid, will be clear once his leadership campaign finishes – his team asked to extend the filing deadline due to COVID-19 and the filing was not completed is.

Winner Erin O’Toole spent $ 3.69 million in her bid, approximately $ 22,000 due to some suppliers having their financials credited at the time. They have also raised about $ 630,000 since September.

Corey Hahn, a party spokesman, said the money is being used to cover ongoing fees related to the closure of his leadership campaign accounts.

Any surplus left over should be handed over to the party, or to a riding union.

Leslie Lewis, who finished third in the election, has raised more than $ 8,300, Elections Canada records show, while Derek Sloan, who finished last, has brought in just $ 61,000.

Sloan found himself in trouble after the race when it was revealed that his campaign accepted donations from a man tied to white nationalist causes.

He said he was unaware of the contribution, but O’Toole used it with the idea of ​​asking lawmakers to rally.

Sloan now sits as an independent MP.

Hahn said the controversial donation has been returned, and will be recorded on the party’s annual financial statement for 2020, due to be published later this year.

Leadership claimants must fundraise to pay off their debt and 36 months to do so. They can request extensions, or if they fail to pay, Election Canada can also sue them.

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It can often take years for candidates to pay back their loans; Several contenders for the 2006 Liberal Leadership Race gave money seven years after the contest ended, but Elections Canada refused to pursue the issue in court.

Following the 2017 conservative leadership race, businessman and reality TV star Kevin O’Leary – who leaves before that race ends – has tried to challenge the system in court, raising the need for money Paying through is unconstitutional.

He eventually repaid his debt and by Tuesday’s deadline it was unclear whether the case is still in court because the COVID-19 was delayed by the pandemic last year.


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