Ontario Liberals will pick their next leader the weekend of January 25-27, 2013.

The rules for the race to replace Dalton McGuinty were laid out in closed-door meetings over the weekend.

Wannabe leaders will have to file their paperwork & pay $50, 000 by November 23rd to enter.  Candidates can't spend more than $500, 000 on their campaign.  Party execs will meet again next week to determine where the leadership convention will be.

Shortly after announcing his plan to step down, McGuinty said current cabinet ministers will have to abandon their portfolios if they want to take a shot at his job.

Party President Yasir Naqvi has decided not to pursue leadership, choosing instead to focus on his job as a new dad to his 5-month-old son.  Finance Minister Dwight Duncan has said he is considering throwing his hat in the ring.

The Liberal Party hasn't held a leadership convention since 1996 when McGuinty took the reins.