Canada Post reports $1.3B operating loss with declines in both letter and parcel revenue

Darren Major · CBC News

· Posted: May 28, 2025 4:21 PM EDT | Last Updated: 1 hr ago

Canada Post is reporting a $1.3-billion nonaccomplishment successful operating expenses successful its 2024 yearly report.

The Crown corp made up for immoderate of those losses by selling disconnected definite ventures, including its logistics concern which it sold successful January of past year.

Excluding taxation — and accounting for its divestments — Canada Post's losses totalled $841 cardinal past year. That's larger than the $748-million nonaccomplishment reported successful 2023, and successful 2022 erstwhile it mislaid $548 million.

The past clip Canada Post made a nett was successful 2017. Overall, the Crown corp says it has mislaid $3.8 cardinal since 2018.

Canada Post said successful a quality release that volumes and revenues declined successful some accepted missive and parcel delivery, and that the corp faces stiff contention from backstage parcel carriers.

"Our existent operation was built for a bygone epoch of missive message — the presumption quo has led america to the verge of fiscal insolvency and is not an option. The request to change, respond to our challenges and unafraid this important infrastructure for the aboriginal is much urgent than ever before," CEO Doug Ettinger said successful the quality release.

Revenue from parcel transportation unsocial fell by $683 cardinal compared to 2023, the study says.

Another looming strike

The corp besides said that the postal idiosyncratic onslaught precocious past twelvemonth contributed to a nonaccomplishment of $208 million. This latest yearly study comes with different imaginable onslaught looming.

The past onslaught ended erstwhile the national authorities ordered employees backmost to enactment nether their existing contracts, which were extended until May 22 to let the bargaining process to resume. 

Those contracts person ended, and the national is inactive successful disagreement with the corp connected respective issues, including idiosyncratic pay, benefits, pensions and Canada Post's intent to prosecute part-time workers for play deliveries alternatively of paying overtime for play shifts.

The Canadian Union of Postal Workers issued a onslaught announcement past week, but talks are ongoing.

CBC News has asked the national for a connection regarding the yearly study and the negotiations.

Newly appointed Public Works Minister Joël Lightbound has fixed nary denotation that the authorities would intervene if different onslaught does occur.

"The precedence present is for some parties to scope an statement astatine the table. The champion deals are made astatine the dialog table, and we promote some parties to proceed negotiating," a spokesperson from Lightbound's bureau said successful an email.

'I don't consciousness I tin trust connected Canada Post': Business owner

Canada Post's losses don't travel arsenic a astonishment to Scott Wingfield. The Victoria autochthonal operates a tiny concern shipping creation products from section artists to customers crossed the country.

Wingfield said helium utilized to trust heavy connected Canada Post but has begun to displacement distant due to the fact that the Crown corp has go little reliable.

"I've relied connected Canada Post for astir 98 per cent of my business.… When the onslaught deed past clip and it was over, I yanked astir of my shipping. So I'd accidental astir 60 per cent of my shipping present does not spell done Canada Post." helium told CBC News.

"I don't consciousness I tin trust connected Canada Post."

WATCH | How Canada Post mislaid $3B successful six years: 

Marvin Ryder, a concern prof astatine McMaster University, said fiscal losses mightiness heap up into 2025 if Canada Post was incapable to bring backmost customers similar Wingfield.

"Was the uncertainty truthful agelong that radical said "I can't spot it?" Keep successful mind, present we've got [a potential] 2nd onslaught six months later," helium said.

A caller study by a committee charged with examining the Crown corporation's finances made a fig of recommendations, including that Canada Post extremity door-to-door message transportation to homes. The committee besides said the corp should let part-time workers to present connected weekends successful bid to vie with different companies.

Ryder said making those changes mightiness beryllium captious to Canada Post's survival.

"There's nary warrant the Canada Post would instrumentality to profitability," helium said. "[But] a timepiece is ticking and you got to marque important changes wrong 12 months oregon this institution could beryllium successful precise heavy fiscal circumstances."