Ontario's Conservative party says it has overcome a "major challenge" by eliminating a $10.5 million debt.
PC president Blair McCreadie and Ontario Fund chairman Andy Pringle informed party members of the news in a letter last week, the Toronto Star reported.
The goal was achieved after an aggressive two-year political fundraising drive.
When John Tory succeeded former premier Ernie Eves as Conservative Leader in September 2004, he vowed to clear the debt before the next election.
Tory attended dozens of fundraising events over the past two years, which included small cocktail parties in private homes to massive convention centre dinners, the Star reported.
McCreadie and Pringle say in the letter that raising money for the campaign leading up to the next provincial election on Oct. 4 is "still a huge task.''
"There is a lot of fundraising to be done and we need people to help out more than ever as we approach the election," the letter says.
Brendan Howe, Tory's press secretary, said the debt repayment is a major accomplishment.
"It shows John Tory is a man of his word who takes on a challenge, works hard and gets things done," said Howe.
