Ex-MP wanted to run provincially.
Joe Oliver seeks to run for Ontario Progressive Conservatives.
Spring budget had projected the deficit to be $5.4-billion.
"It's the high end that's driving up net worth for those in their 20s or 30s."
He's the first sitting federal finance minister to go down in defeat since 1993.
Oliver lost his Toronto–area seat in a hard-fought campaign to Liberal Marco Mendicino.
Liberals have taken previous NDP and Conservative strongholds across the city.
In July 2012, Oliver spent $5,593 on two one-way flights between Toronto and Calgary so he could hold roundtable meetings with oil, gas, steel and pipeline companies.
The convention seeks to limit government activity during an election period.
Oliver will face off against New Democrat Hal Berman, who is hoping to unseat Adler, and Bill Morneau, the Liberal candidate in Toronto Centre.