Canada Post forecasts over a billion in annual losses, even with new federal loans. Management's report to Parliament stated the post office is structurally unsound.

"We have reached a critical point," states the Summary Of The 2025 To 2029 Corporate Plan. With the shift from mail to parcels, the postal system's foundation is cracking, necessitating significant modernization to preserve the national service.

Pre-tax losses after federal loans are forecast at $962 million in 2026, rising to $1.1 billion in 2027, $1.2 billion in 2028, and $1.3 billion in 2029, according to Blacklock’s.

The Corporate Plan acknowledged government funding is a must to cover operational costs and maintain cash levels. Two cabinet-approved rate hikes, totalling $102.2 million annually and raising stamp prices from 92¢ to $1.24 for domestic letters, failed to stop losses.

"Excluding any government cash injections, losses are forecasted to exceed $900 million in 2025," wrote management. "Government cash injections will be necessary to ensure Canada Post can cover operational expenses and maintain adequate cash levels."

The Corporate Plan did not reflect unresolved contract disputes with the Canadian Union of Postal Workers (CUPW).

Earlier this month, Jobs Minister Patty Hajdu urged Canada Post and its 55,000-worker union to consider binding arbitration, warning that an imposed settlement may follow if negotiations fail.

Canada Post and its second-largest union agreed to an 11% wage increase over three years for 8,500 employees, retroactive to January 1, 2024, after 18 months of negotiations. This follows a rejected 14% offer over four years for the rest of the workforce.

"Major changes are urgently needed," Ettinger wrote in the latest Annual Report, adding that a "bold new approach" was required to make the postal system financially sustainable. He did not elaborate. 

"Canadians understand our business model must evolve and will support these changes."

The latest offer to staff represented by CUPW reflected a May 16 report indicating the post office was "effectively insolvent or bankrupt." The union countered that no meaningful negotiation had taken place.

Canada Post CEO Doug Ettinger warned Parliament on May 29 that lengthy arbitration would worsen the corporation's dire financial state, citing $3.8 billion in losses since 2017.

"While we have taken significant action to address our financial crisis there is only so much we can do on our own," said the Annual Report. "Canada Post needs urgent changes."

A November 15th strike, costing $208 million, prompted e-commerce companies to switch from Canada Post to other couriers. "Canadians are rightly fed up," then-Labour Minister Steven MacKinnon earlier told reporters last December 13. 

Cabinet used section 107 of the Canada Labour Code to end the work stoppage, citing the need to "maintain or secure industrial peace" and "promote conditions favourable for the settlement of industrial disputes."

The 32-day work stoppage delayed millions of letters and packages, resulting in a 65% drop in parcel volumes. Annual revenues dropped 12% overall, with parcel income down 20%, transaction mail 5.3%, and direct marketing three percent.

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