Canada Post said Monday it lost a staggering $1.57 billion before tax last year, a record-smashing loss it blamed on labour uncertainty and barriers to modernization.
The financial loss is nearly double the $841 million before tax the national mail carrier lost the year before, the company said in a statement alongside its annual report.
“The severity of the corporation’s financial situation underscores the urgency to transform and meet the modern needs of the country,” the statement said.
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Revenues fell nearly five per cent, or $315 million, which Canada Post said was due to a sharp decline in parcel volumes.
Many customers shifted their parcel deliveries to private carriers during last year’s labour unrest that saw Canada Post workers take several job actions — culminating in a nationwide strike — as it sought to negotiate a new contract.
The two sides finally reached tentative agreements late last year.
Members of the Canadian Union of Postal Workers began voting on whether to ratify the new contracts on Monday, a process set to last more than a month. The union has urged its members to approve the deals.
More to come…
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