Canada Post says its financial situation is unsustainable. The Crown corporation, in its 2023 annual report, says the Corporation recorded a loss before tax of $748 million, compared to a loss before tax of $548 million in 2022. From 2018 to 2023, Canada Post lost $3 billion before taxes. The national mail carrier says without changes and new operating parameters it is forecasting larger and “increasingly unsustainable losses” in future years.

Canada Post stated that it is at a critical juncture in its history and points to a growing number of households but less mail being delivered. The company says with higher costs and lower margins, growth in its Parcels business is not offsetting losses from Transaction Mail. Canada Post notes that in 2006, Canadian households received an average of seven letters per week, today it’s two per week but in 2006, it delivered to 14.3 million addresses. In 2023, that number was 17.4 million addresses. And with a housing boom expected in order to meet demand of an ever-growing population, Canada Post says the challenges are going to increase.