Party president John Walsh told supporters in an email Sunday that the party had its best fourth quarter ever in a non-election year.
The Liberals had hoped to overtake the Tories during that last three-month stretch, but came in at $4.3 million.
Still, the Liberals have significantly increased their fundraising numbers since Justin Trudeau took over the leadership in April.
Walsh's email said the party raked in the most money despite attacks by Trudeau and the media.
The latest Conservative campaign is urging supporters to get as many friends and relatives on the Tory email lists as possible, with a goal of signing up 20,000 new names in a week.
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