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OTTAWA – The Conservative Party of Canada fired the starter’s pistol Tuesday on the race for its new leader, releasing contest rules that include a $5-million spending cap.

It will cost candidates $100,000 to join the race, including a $50,000 registration fee and a $50,000 compliance deposit that is refundable assuming the candidate follows the rules and submits required financial documents.

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The announcement of the rules officially launches the party’s first leadership race since 2004, with the new leader being elected on May 27, 2017.

Several current and former Conservative MPs have expressed interest in running or have refused to rule themselves out, including former Tory ministers Tony Clement, Jason Kenney, Peter MacKay, Lisa Raitt, Kellie Leitch, Michelle Rempel, Maxime Bernier and Michael Chong.

Speculation persists that Saskatchewan Premier Brad Wall, whose government appears well on its way to being re-elected in next month’s provincial vote, is also considering whether to enter the federal Conservative leadership race (although he has said he’s not interested).