The candidates vying to lead Ontario's Progressive Conservatives are going to be able to spend up to $1.25 million each when campaigning for the job.

The Tories are in the midst of a leadership renewal process following the resignation of Tim Hudak. The party has chosen an interim leader, Jim Wilson, who will serve until a permanent successor is selected next spring.

On Sunday, the party executive announced that it had adopted rules for the forthcoming leadership election.

Potential leadership candidates must file their nomination papers by noon on January 30, 2015. They can formally register for the leadership race as soon as Nov. 8, 2014.

These candidates will have to provide a $25,000 refundable deposit to the party. There will also be a $75,000 registration fee.

After a candidate has raised $100,000, he or she will provide 20 per cent of all additionally raised funds to the PC Ontario Fund. The party has set a $1.25 million limit for campaign expenses.

Anyone who purchases a party membership by February 28, 2015 can vote for the new leader, provided their membership remains in good standing until the end of May.

These voters will rank their leadership candidates by order of preference, on either May 3 or May 7, 2015.

The results will be announced on May 9, 2015.