The NDP Was Millions Of Dollars In Debt At The End Of 2018
It hasn't been a good couple of years money wise for the party.
It seems like the NDP has a money problem. The party's annual financial return shows that it was millions of dollars in the red at the end of 2018. The NDP financial return was posted online by Elections Canada yesterday for public viewing.
The party's finances show that it has more overall liabilites than it does total assets which means it has a negative net asset. So basically the party owed more than it brought at the end of the year.
According to the return, the NDP had $4.7 million of assets at the end of 2018 and $9.2 million of liabilities. This is where the almost $4.5 million negative net asset comes from.
Karl Bélanger, former principal secretary to former NDP leader Tom Mulcair, told the CBC that the party's financial situation could impact the campaign.
"It's going to be difficult for the NDP to run a full campaign this time around. I think they know that and are taking steps to address it, but clearly more needs to be done and time is running out," said Bélanger.
According to The Canadian Press, this is the third year in a row that the party's annual financial return has had a balance sheet showing liabilities higher than assets.
It's also the NDP's worst balance sheet since 2001, the year the annual reports became available online.
The return also shows that the NDP only had slightly more than $154,000 of cash in bank at the end of 2018 which is down from just over $378,000 at the end of 2017.
The party did see a slight increase in donations and contributions from last year up from $5.1 million to just over $5.2 million.
You can see the reports from other parties here.