Canada Post Reports $748M Loss for 2023, Says Financial Situation at ‘Critical Point’

Canada Post recorded a pre-tax loss of $748 million in 2023, according to the latest annual report from the Crown corporation, saying the situation has reached a “critical point.” “While we’ve reported on our declining financial situation for a few years, the current competitive landscape has quickly compounded our challenges, which are reaching a critical point,” the report says. “As the landscape has shifted from mail to parcels, cracks are rapidly appearing in the foundation of the postal system.” Canada Post’s financial loss was its steepest since the COVID-19 pandemic struck in 2020, with management blaming the deficit on an ongoing 17-year decline in mail volumes and loss of market share in parcel deliveries due to rivals like Amazon....