Pending approval, the 25-per-cent increase would take effect in January 2025, 'after the busy holiday mailing season,' Canada Post said Friday.
WATCH: It's hard to imagine Canada without Canada Post , a company that has existed for 157 years. But there are serious questions raised about the survival of the Crown Corporation, as top executives held their annual general meeting this week and offered a bleak outlook. The chair of the board warned the postal service is at a “critical juncture” and that its financial situation is “unsustainable,” having lost nearly $750 million last year. Touria Izri has the details.
“The reality is, however, that more needs to be done to address the significant long-term structural and financial issues facing the corporation. We are taking action to manage our costs while working closely with the government on a path to ensure the postal service is there for Canadians today and tomorrow.”that the Crown corporation’s financial situation is “unsustainable” as it struggles to compete against e-commerce platforms and delivery companies and faces dropping demand.
The company posted its second-biggest loss on record last year at $748 million before tax, and has lost $3 billion before tax over the past five years. “The Government of Canada is actively working with Canada Post to secure the long-term viability of this essential service,” Public Services Minister Jean-Yves Duclos was quoted as saying in Canada Post’s statement.
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