OTTAWA — The Liberal party spent more than it took in the 2019 election year, raising just over $42 million and spending just over $43 million.

Financial records released late Friday show that by the end of the year, the party had $625,865 in assets.

All political parties had until midnight June 30 to submit their financial reports for last year.

Of the major parties, only the Liberals' 2019 records were available Friday.

The New Democrats say they asked for and received an extension, the Conservatives did not immediately reply to a request for comment.

The Liberals also finished 2019 with $24.7 million in loans, according to their financial records, against huge election-year donations.

Among their biggest expenditures in 2019 were salaries, coming in at $7.95 million.

This year, they are covering some of their staffing costs using the COVID-19 wage subsidy program, which is also being used by the Conservatives.

This report by The Canadian Press was first published July 3, 2020.

The Canadian Press