Millionaires don't have a cash advantage in federal Canadian politics, a fact for which possible Conservative leadership contender Kevin O'Leary must prepare himself.

When O'Leary talks about waiting to declare whether he'll run for the leadership, he often refers to not needing much time to prepare his campaign, unlike some who jump in the race early. Typically, those candidates have lower profiles and need time to fundraise, build support and raise a public profile Canadians will recognize.

"I don't need to raise money," O'Leary, the chair of O'Leary Financial Group and a Bell Media on-air contributor, told CTV News last week.

Indeed, while O'Leary has the advantage of being a millionaire (his wealth is reportedly between $300 and $400 million, though he declined to comment on it to CTV News), federal campaign spending laws in Canada are stringent.

Leadership contenders are limited to self-funding a maximum of $25,000, which is only a quarter of the cash required by the Conservative Party just to join the race. The party is charging a $50,000 registration fee, plus a refundable $50,000 compliance deposit to ensure candidates follow the rules. A well-heeled candidate can't jumpstart their campaign by writing a personal cheque for $100,000, and loans fall under the same limits as donations, so a wealthy friend can't give them the money in exchange for a promise to pay it back. Corporate donations are forbidden.

That means leadership contestants rely on contributions by supporters. This year, Canadians can contribute $1,525 within a single leadership contest (the amount goes up by $25 every year) - but even if they can afford to donate the maximum, they may choose to split it between a couple of favoured candidates.

The pool of contributors is also smaller than the one on which candidates draw during an election. You're mostly looking at party members for donations, and there are already more contestants in the Conservative leadership race than there are major parties in a Canadian election, splitting the pool of potential donors even further.

Once a candidate enters a race, costs can add up fast. On top of the entry fees, leadership contestants will need to pay for travel, hotel rooms, possibly some staff (O'Leary has already said he has a couple of interns working for him), a website and advertising, swag for supporters and more. Jumping on a private jet would be considered a non-monetary contribution, so those without access to their own plane aren't at a disadvantage.

Conservative Party members have until Feb. 24, 2017, to enter the race. The party has given them a $5 million spending limit, not including the entry fees.

Naturally, a candidate with a network of deep-pocketed contacts could have an advantage: thanks to the election law changes made by the Conservatives, Canadians can contribute in each year of a leadership race. In this case, that gives Conservative contestants the chance to return to supporters for a 2017 donation as well as a cheque for 2016 (the same will apply to the NDP leadership race that will run from 2016 into 2017).

But it's hard to say a wealthy contestant doesn't need to fundraise, or doesn't need as much time to fundraise. A profile is one thing, but those with established ties to grassroots members will have a large base on which to draw. O’Leary has a big name, but won’t necessarily know whom to work for contributions.

The new Conservative Party leader will be chosen May 27, 2017.