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The race to choose a new leader of the federal Conservative Party could formally begin as early as next month as the party seeks to maximize fundraising opportunities and ensure candidates comply with Elections Canada rules.

The party is weighing a February start date for the campaign, with a leadership convention likely set for the spring of 2017 but possibly as early as November of this year, according to a source familiar with the discussion.

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Some are concerned that unless the rules for the campaign are set before the Conservatives’ annual convention, scheduled for May in Vancouver, the event could turn into an unregulated free-for-all, with candidates spending money to woo delegates before the race has formally begun.

There are also concerns that some contenders to succeed former prime minister Stephen Harper have already begun to incur costs exploring their chances of making a successful bid, with some even holding focus groups. These costs could create compliance issues with Elections Canada down the road.