Ottawa Liberal MP Chandra Arya is running to be leader of the Liberal party, promising to end the consumer carbon tax and to make Canada a republic.

Prime Minister Justin Trudeau said Monday morning he’ll step down after his Liberal party chooses its next leader in a “robust, nationwide competitive process,” telling reporters assembled at Rideau Cottage that he asked party president Sachit Mehra on Sunday to start preparing for the contest.

Canada’s governing Liberal Party will announce the country’s new prime minister March 9 after a leadership vote that follows the resignation of Justin Trudeau this week.

OTTAWA--Mark Carney, the former Canadian and U.K. central banker, formally declared Thursday his interest to succeed Justin Trudeau as leader of Liberal Party and the country's prime minister, promising an economic agenda focused on lifting the country from a period of stagnant growth.

The frontrunners for the Liberal leadership are former central banker Mark Carney and ex-Finance Minster Chrystia Freeland.

Current and former Liberal party officials, both French and English speakers, say the Liberal leader chosen to replace Prime Minister Justin Trudeau should be bilingual.

Justin Trudeau, who has led the country for nearly a decade, is giving up leadership of the Liberal party. He said he would remain in both roles until his replacement had been chosen through a party election.

With Parliament prorogued, the Liberals will begin the process of finding a new leader as support for Pierre Poilievre's Conservatives grows

Chrystia Freeland is running to be the next Leader of the Liberal Party and Prime Minister of Canada. She says in a statement posted on social media she will officially launch her campaign on Sunday.

Leadership hopefuls have until Jan. 23 to announce their candidacy. But the field for Liberal leadership race seems to be getting narrower.

Carney, a former governor of the Bank of Canada and Bank of England, made his announcement in a community centre in Edmonton on Thursday. He was joined by Calgary Liberal MP George Chahal, one of the two members of caucus in Alberta.