Ottawa [Canada], March 13 (ANI): Mark Carney, who was recently elected as the leader of the Liberal Party, will take oath as Canada's 24th Prime Minister along with his cabinet on Friday, CTV News reported.

He will be taking the reins from Canadian Prime Minister Justin Trudeau after securing a win in the Liberal leadership on the first ballot held on Sunday.

Canada's Governor General Mary Simon's office has said the swearing-in ceremony of the prime minister and members of the Canadian ministry will take place in the Rideau Hall ballroom at 11 am EDT.

On his first day as Liberal leader, Carney met Trudeau at the Prime Minister's Office to discuss about how long of a transition period would be needed. By the end of the day, Carney stated the changeover would be 'seamless' and 'quick,' according to the CTV News report.

In the days since, Carney has been holding meetings with key officials in Ottawa and beyond and work has been done behind the scenes to execute the transition of power, both from a bureaucratic and a security standpoint.

The report stated citing a spokesperson, that the former Bank of Canada and Bank of England has divested all his assets into a blind trust. Trudeau would visit the governor general on Friday and officially tender his resignation. Then, Carney would take oaths of office and allegiance.

Canada's new PM would unveil his new ministry, which comprises all his cabinet picks. Many of the main players who hold portfolios central to managing US President Donald Trump's tariffs backed Carney during the leadership race, CTV News reported.

Carney will be assuming office at a time when polling shows the Conservatives and Liberals neck-in-neck, amid Canadians' rising concerns over ties between Canada and the US. The same polling indicates Trudeau will be officially ending his tenure as Canada's PM with his favorability at a 12-month high.

In his final speech as Liberal leader, Justin Trudeau highlighted the 'achievements' of the Liberal Party over the past decade while looking towards the future, hours ahead of the announcement of his successor as the leader of his party, as reported by CBC News.

In his speech at the Liberal Leadership Convention, Trudeau said, 'I am damn proud of what we've done over these past 10 years for the middle class and the people working hard to join it.'

Trudeau told the crowd that 'there is a responsibility to ensure that Canada stays the best country on Earth! In one of his last speeches as Liberal leader and Canada's PM, he urged his supporters to keep fighting for Canada as hard as they can.

He said, 'Democracy is not a given. Freedom is not a given. Even Canada is not a given.' He said, 'None of those happened by accident. None of them will continue without effort,' CBC News reported.

After resigning as Prime Minister of Canada, Justin Trudeau was captured exiting Parliament in a playful style -- carrying a chair and with his tongue sticking out.

As per convention, Canadian lawmakers are allowed to take their chairs with them when they leave Parliament, Brian Lilley, Political columnist for the Toronto Sun noted in a post on X.

'When any MP leaves the Commons, they are allowed to take their chair, their seat with them. I find it a great tradition, one that I support. That said, this is a weird photo of Trudeau leaving with his. Also, perhaps another sign of a looming election', he wrote on X. (ANI)