Widespread reports indicate that Prime Minister Justin Trudeau is set to step down as party leader during an announcement set for 12:15 NST.
Trudeau has been beset by repeated and growing calls for his resignation ahead of a federal election.
The federal political landscape became less certain for the PM after NDP Leader Jagmeet Singh announced late last year that he could no longer guarantee supporting the minority Liberals on confidence motions.
Then, Finance Minister and Deputy Prime Minister Chrystia Freeland delivered a political body blow by resigning on the morning that the fall economic statement was set to be delivered.
That forced Trudeau to swear-in Dominic LeBlanc as Finance Minister, as Corina Gould read the document in the House of Commons.
A cabinet shuffle followed, but the political chaos only escalated – with a growing number of MPs calling on Trudeau to step aside.
Trudeau took the Christmas holiday break to contemplate his political future, and a caucus meeting is set for this Wednesday.
VOCM News is watching the situation in Ottawa and will have updates as they become available.