Former Bank of Canada governor Mark Carney is expected to formally announce his bid to replace Prime Minister Justin Trudeau late next week, a source close to his campaign told CBC News.

After Trudeau's resignation on Monday, these are the top five contendors who are in race to succeed him as the Canadian Prime Minister.

Canada’s Foreign Affairs Minister Melanie Joly says “there is still hope” that incoming U.S.-president elect Donald Trump backtracks on his threat to impose tariffs, but Canadians “have to be ready.” Joly is in Washington,

He was tapped by the prime minister to chair a task force on economic growth last September, after being heavily courted to join the Liberal team. Carney was then rumoured to be joining Trudeau’s cabinet as finance minister, replacing Chrystia Freeland. But Freeland resigned, sparking a political crisis, and Carney did not end up in cabinet.

Foreign Minister Melanie Joly will not run for Liberal leadership. Up to now, Joly was widely considered a potential successor to Prime Minister Justin Trudeau, who recently announced he would resign as leader of the Liberal party.

As Minister of Foreign Affairs, I must dedicate every minute of my time and all my energy to defending the interests of Canadians,' says Melanie Joly - Anadolu Ajansı

Canadian PM Justin Trudeau is expected to resign, sparking speculation about his successor. Potential candidates include Dominic LeBlanc, Chrystia Freeland, and Mélanie Joly.

Foreign Affairs Minister Mélanie Joly will provide an update on Canada's efforts to stop punishing U.S. tariffs this morning following meetings in Washington on border security, trade and investment Thursday.

Prime Minister Justin Trudeau and the federal cabinet are set to gather near the nation’s capital next week as Donald Trump celebrates inauguration day in Washington. Trudeau’s office says a cabinet retreat has been set for Jan. 20 and 21 to talk about defending Canadian interests in the face of Trump’s tariff threat.

Alberta Premier Danielle Smith says Canada needs to be prepared for tariffs to come into effect when Donald Trump takes office, but cutting off the supply of oil is not the answer.

In the days since Prime Minister Justin Trudeau announced he'll be stepping down as leader, the list of potential candidates to replace him has considerably thinned.The Liberal Party announced they will choose their next leader — and Canada's next prime minister — on March 9.