The prime minister announced on Monday that he would step down after nine years in power, bowing to pressure from MPs alarmed by the party's miserable showing in pre-election polls.
Trudeau said he would stay on both as prime minister and Liberal leader until the party chose a new chief.
"After a robust and secure nation-wide process, the Liberal Party of Canada will choose a new leader on March 9, and be ready to fight and win the 2025 election," the party said in a statement.
The party's national board of directors formally met Thursday evening to discuss and outline the initial rules of the upcoming leadership race.
Former finance minister Chrystia Freeland is reportedly among the Liberal leadership contenders. (AP PHOTO)
The leadership vote will conclude on March 9 and a new leader will be announced on the same date, the party said.
The cut-off date to become a registered Liberal and be eligible to vote in the leadership race will be January 27, according to the Liberal Party.
The Globe and Mail reported late on Thursday that former finance minister Chrystia Freeland and former central banker Mark Carney were poised to seek the Liberal Party leadership, while Foreign Minister Melanie Joly and Innovation Minister Francois-Philippe Champagne remained uncertain over whether to join the race.
Trudeau announced on Monday that parliament would be suspended until March 24.
That meant an election was unlikely before May at the earliest, so Trudeau was expected to remain in charge - at least initially - of dealing with the threat of crippling tariffs once US President-elect Donald Trump takes office on January 20.
Prime Minister Justin Trudeau has dismissed Donald Trump's call to make Canada a US state. (EPA PHOTO)
Trump has been critical of Trudeau, who in turn has criticised the president-elect's proposed tariffs, with the Canadian saying they will harm both nations.
Trump has also referred to Canada as a US state, with Trudeau saying there was not "a snowball's chance in hell" that Canada would become part of the United States.
The next Canadian election must be held by October 20 and polls show that voters - angry over high prices and a shortage of affordable housing - are set to elect the opposition Conservatives and hand the Liberals a resounding defeat, no matter who leads the party.
26°C