How to File Your Campaign Financial Statement

The election is over. Now it's time to close the books.

This article was originally written in 2022. It has been updated to reflect the 2026 municipal campaign.

After months of knocking on doors, attending events, talking to voters, raising money, and spending money, there is one final piece of campaign business you need to take care of: filing your financial statement.

It might not be the most exciting part of running for office, but it matters. Your financial statement is the official record of what came into and went out of your campaign, and every candidate who filed a nomination must file one—even if they withdrew, weren't certified, didn't appear on the ballot, or were acclaimed.

The good news? If you've kept reasonably good records throughout your campaign, this shouldn't be a mystery. Your financial statement is really the final step in organizing and reporting the financial activity you've already been tracking.

Start With Your Records

Before you open the financial statement, gather your campaign records. You'll want your contribution records, receipts, invoices, bills, bank records, records of goods and services received, and information about any outstanding expenses. The goal is to make sure that the numbers you're reporting are supported by the records you've kept throughout the campaign.

Ontario does not require candidates to use a particular accounting system, but you are responsible for keeping complete campaign financial records. The province recommends reviewing the financial statement early so you know what information you'll eventually need to report.

If someone else has been keeping your books, now is a good time to sit down with them and make sure everything is accounted for.

Know What You Need to Report

Your financial statement brings together the financial activity of your campaign.

Depending on what happened during your campaign, this can include contributions, expenses, goods and services, advertising, outstanding expenses, and other required information.

One important thing to remember is that contributions don't only mean cash. If someone contributed goods or services to your campaign, those contributions also need to be recorded and the value of those goods or services treated as an expense.

If your campaign had no contributions—including contributions from yourself—and no expenses, your filing is much simpler: you only need to complete the first page and sign it.

Pay Attention to Your Campaign Inventory

Here's one area that can catch candidates off guard: leftover campaign materials.

If you have signs, supplies, or other goods left over at the end of your campaign, they become your personal property. If you want to keep them for a future campaign, that's fine—but storage costs are personal costs, not campaign expenses.

The value of goods still needs to be recorded appropriately in your campaign finances. You shouldn't subtract the value of your unused inventory from your expenses just because you didn't use everything.

So don't throw the last box of campaign signs in the garage and forget about it. Make sure your financial records account for your inventory properly.

Check Whether You Need an Auditor

If your campaign had more than $10,000 in contributions, including contributions from yourself, or more than $10,000 in expenses, you'll need an auditor's report with your financial statement. The auditor must be properly licensed, so don't leave this until the last minute.

Even if you have a bookkeeper or accountant helping you, remember that you are still responsible for making sure your financial statement is complete, accurate, and filed on time.

Check Your Deadline

For the 2026 Ontario municipal election, campaign financial statements are due by 2 p.m. on Tuesday, March 30, 2027. This is a special date for this election because the usual last Friday in March falls on Good Friday.

Your municipality may have specific instructions about how and where to file, including whether electronic filing is available, so check with your municipal clerk.

And don't wait until the afternoon of the deadline if you can help it.

Give yourself time to review your numbers, find anything that's missing, and fix mistakes before you file.

What If You Can't Meet the Deadline?

If you realize you won't be able to file on time, don't ignore it.

Ontario allows candidates to apply to the Superior Court of Justice for an extension, but the application must be made before the filing deadline. There is also a 30-day grace period after the deadline, during which you can file by paying a $500 late filing fee.

If you don't file within the grace period and haven't received an extension, serious automatic penalties can apply, including becoming ineligible to run or be appointed to office until after the next regular election.

In other words: if you're worried you're going to miss the deadline, talk to your clerk right away.

Don't Forget About Your Surplus or Deficit

When you finish your financial statement, you'll know whether your campaign ended with a surplus or a deficit.

If you have a surplus after any required refunds of contributions made by yourself or your spouse, the surplus must be paid to the clerk when you file your financial statement. It is held in trust and may be used for certain compliance-audit-related expenses; if it isn't needed for those expenses, it becomes the property of the municipality or school board.

If your campaign ended in a deficit, make sure you understand how those outstanding expenses were paid and whether any additional personal contributions were made. A deficit can raise questions about whether you exceeded the applicable self-funding limits.

Keep Your Records After the Election

Filing your financial statement doesn't mean you can immediately throw the campaign paperwork into the recycling bin.

Ontario requires candidates to keep their campaign financial records until November 15, 2030, when the next council or school board takes office.

Keep your receipts, contribution records, invoices, bank records, and other supporting documentation somewhere safe and organized.

You may never need to look at them again—but if there is a question about your campaign finances, you'll be very glad you kept them.

Give Yourself a Financial Wrap-Up Day

One of the easiest ways to make this process less stressful is to treat it as a campaign task rather than an administrative chore you can somehow deal with later.

Set aside a few hours after the campaign to close your books while everything is still fresh.

Go through your bank account. Make sure every contribution and expense has been recorded. Check for outstanding bills. Account for your inventory. Gather your supporting documents. And, if you're required to have an audit, get that process started.

Then put your financial statement deadline somewhere you won't forget it.

Your campaign may be over, but this final piece of work is still part of running a successful campaign.

TL;DR

Filing your financial statement is the final step in closing out your campaign. Gather your financial records, make sure every contribution and expense is accounted for, deal with leftover inventory, check whether you need an auditor, and confirm your filing deadline with your municipal clerk. Most importantly, don't leave it until the last minute. Your financial statement is your responsibility—even if someone else helps you prepare it.

And if you’re looking for more information, remember that you can always consult the Ontario 2026 Candidates’ Guide, which gives you all of the up to date information that you need.

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