Candidates are responsible for keeping records of the financial activities related to their campaign.

You are responsible for keeping records of the financial activities related to your campaign. You may want to consult with an auditor or an accountant early in your campaign to make sure that you are using a bookkeeping and accounting system that will suit your needs.

You should also look through the campaign Financial Statement – Form 4 (English) / État financier – Rapport du vérificateur Candidat – Formulaire 4 (French) that you will be required to file to make sure that you are keeping records of all the information that must be included on the statement.

Campaign Finances

  • Contributions and expenses cannot be transferred from one campaign to another
  • You must open a separate bank account for each campaign
  • A contributor’s total contribution cannot exceed $2,500 for mayor candidates, and $1,200 for councillor or school board trustee candidates.

You will be required to file a Financial Statement – Form 4 (English) / État financier – Rapport du vérificateur Candidat – Formulaire 4 (French) for each campaign.

  • Withdrawn campaigns will show all financial activity from the day the nomination paper is filed until the day the withdrawal is filed
  • A current campaign will show all financial activity from the day the nomination paper is filed until the end of the campaign period (January 3, 2023)

Friday, March 31, 2023 at 2 p.m.

  • Deadline for candidates to file their initial financial statement

Monday, May 1, 2023 at 2 p.m.

  • End of 30-day grace period during which candidates can still file their initial financial statement if they pay a $500 late filing fee

Friday, September 29, 2023 at 2 p.m.

  • Deadline for candidates to file the supplementary financial statement (applies only to those who extended their campaign period)

Monday, October 30, 2023

  • End of 30-day grace period during which candidates can still file their supplementary financial statement if they pay a $500 late filing fee

You must have your financial statement audited by a licensed auditor under the Public Accounting Act, 2004 and include the auditor’s report when you submit your financial statement if:

  • You raised or spent more than $10,000; or
  • You are participating in the Contribution Rebate Program regardless of the amount you raised or spent

If your campaign ends with a surplus, you can refund the value of contributions that you and your spouse made from the surplus. If you still have a surplus once you have refunded your contributions, the remaining surplus must be paid to the City Clerk when you file your financial statements.

You are not permitted to refund eligible contributions made by anyone other than you or your spouse.

If an eligible elector believes a candidate has broken election finance rules, they may apply for a compliance audit of your campaign finances. The application must set out the reasons why they believe the candidate contravened the rules.

An application for a compliance audit must be submitted to the City Clerk within 90 days of the deadline to file a financial statement.

A compliance audit committee will decide whether to grant or reject the application. You may appeal the committee’s decision to the Superior Court of Justice within 15 days of their decision.

Public documents can only be viewed at Toronto Elections Office, City Hall (100 Queen St West) during regular business hours (Monday-Friday – 8:30 a.m. to 4:30 p.m., excluding holidays)

Financial Statements

  • Filed financial statements are public documents and will be posted on the City’s website in their entirety, including the names and addresses of all those who contributed over $100.

Under the Municipal Elections Act, 1996, a candidate will automatically receive penalties if:

  • they fail to file a financial statement by the end of the 30-day grace period or fail to apply for an extension by the filing deadline
  • financial statements shows they exceeded the spending limit
  • they fail to turn over any surplus to the clerk when they file financial statements

Penalties are ineligibility to run for office or fill a vacancy until after the 2026 election and if elected, you will forfeit the office.