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Canada’s national mail carrier has released its latest financial report, detailing a whopping $1.57 billion in losses last year before tax — its worst on record.
It’s yet another blow to the Crown corporation that’s already drowning in debt so badly that it’s surviving on $2 billion worth of federal loans to stay afloat.
“The severity of the Corporation’s financial situation underscores the urgency to transform and meet the modern needs of the country,” Canada Post wrote in a news release Monday.
The $1.57-billion loss in 2025 is nearly double what the corporation lost in 2024, when it posted $841 million in losses before tax.
Canada Post is blaming a combination of disruptions from strike action and federal regulations that impeded the corporation from competing with private mail carriers.
“Canada Post’s financial situation deteriorated significantly in 2025 as labour uncertainty weighed on the business, and decades-old rules and frameworks continued to impede the company’s modernization and its ability to compete,” the statement reads.
The dark financial picture comes the same day that Canadian Union of Postal Workers (CUPW) members begin voting on a new collective agreement.
Canada Post and CUPW were previously locked in a major labour dispute that spanned over a year and included two nationwide strikes that brought mail delivery to a complete standstill.
Last week, Canada Post also announced the first batch of new postal codes to lose door-to-door delivery as part of a complete restructuring to change how the national mail carrier operates.
The company plans to switch the four million addresses that still get doorstep delivery to community mailboxes in the next five years.
It’s expected to save $400 million a year and lead to a 30 per cent reduction in the workforce at the depots where the changes are happening.
CBC News has reached out to the Canadian Union of Postal Workers for comment.
