Carney, 59, replaces Prime Minister Justin Trudeau, who announced his resignation in January but remained in power until the Liberal Party elected a new leader. Carney is widely expected to trigger a general election in the coming days or weeks.
The Liberal Party has been consistently falling behind in the polls in recent years as Canadians struggle with cost-of-living issues in areas such as housing and a failing socialized medicine system.
Carney has never been elected to public office and doesn't have a seat in Parliament. That means he cannot participate in debates or votes which is why it widely expected he will call a federal election in the coming weeks.
The choice for Canadians will come down to keeping the Liberal Party in power or choosing the Conservative Party under the leadership of Pierre Poilievre who has been leading in most polls over the last several years.
