Issue ownership refers to political parties' recognized capacity or reputation to deal competently with a number of issues and problems. Canadian perceptions of party competence in five issue areas are examined: unemployment, inflation, national unity, public finance management and international affairs. Using aggregate-level Gallup poll data from a 50-year period, the study shows not only that Canadians distinguish between federal parties based on their issue-handling capabilities, but also that party images are not impervious to change. Two particular moments of realignment in party images are identified: the beginning of the 1960s, and the early 1990s. The image of the federal Liberal party clearly benefited from both periods. Beyond the expected projection effect of party popularity, two factors are shown to account at least partially for these variations over time in issue ownership. The parties' performance while in office and the arrival of new competitors within the party system in the 1993 election are both found to significantly affect perceptions of party competence in Canada.