Liberal Member of Parliament Justin Trudeau arrives to listen to a speech during the party's caucus retreat in Montebello, Quebec September 5, 2012.
Credits: REUTERS/CHRIS WATTIE
When peppered by reporters on the third day of Liberal caucus meetings here, Trudeau said "Liberals have always looked for the right leader that's going to fix everything for them" but they don't understand "there is a tremendous amount of work...ahead of us."
"It is not about picking the right leader and having everything fall into place," Trudeau said when journalists asked if he's feeling pressure to enter the race. "It is about working together as a team, that's the kind of thinking we need right now."
Leadership hopefuls will learn Thursday when the race will take place and financial guidelines including campaign spending caps and entry fees. Reports citing leaked documents suggest candidates will have to pay a non-refundable $75,000 to make a bid and the spending cap will be $750,000.
After the Grits were reduced to third-party status in the 2011 election - the party's worst showing in its history - pundits questioned whether the party would survive and stressed the importance of choosing the right leader to reform the party.
"I think we certainly are in better shape than we were coming out of the election," interim leader Bob Rae said. "There's going to be a lot of nuts and bolts discussions this morning about the party and what we need to do."
Trudeau said he's keen to hear leadership race details as he mulls his future.
"I'm looking forward to hearing them (the rules) and when I have something to announce, either way, I will no doubt let you guys know," Trudeau told reporters. "My thought process (this summer) was spending a lot of time with my family and thinking about the kind of world I want to raise my kids in."
Other potential leadership candidates include MPs Marc Garneau, David McGuinty and Dominic LeBlanc.
In 2006, Grit leadership candidates had to shell out a refundable fee of $50,00 and had a spending cap of $3.4 million. As a result, several hopefuls accumulated enormous debts that haven't been fully repaid. This summer, an Ontario court nixed requests to extend the payback period for three failed candidates.