At its annual public meeting on Tuesday, Canada Post revealed that it continues to bleed cash and hinted at big job cuts through attrition.
“Canada Post is effectively insolvent,” said the Crown corporation’s chief financial officer, Rindala El-Hage.
She announced that Canada Post’s operating loss so far for 2025 totals more than $1 billion, and that its latest quarterly loss — $541 million before tax — was unprecedented.
“It was the largest quarterly loss in the company’s history,” said El-Hage. She added that the “continued labour uncertainty and disruption” caused by an ongoing labour dispute with its workers contributed to the losses.
In September, the federal government called for the Crown corporation to make sweeping changes, such as ending home delivery and closing some rural mail outlets, to stabilize its finances and ensure its survival.
Earlier this month, Canada Post privately submitted a plan to Ottawa to modernize and streamline the postal service.
Canada Post is effectively bankrupt. Can it be saved? | About That
At the annual meeting, CEO Doug Ettinger hinted at big job cuts and said the corporation will use attrition to downsize from its workforce of around 62,000 employees.
He said Canada Post anticipates more than 16,000 employees retiring from or leaving the corporation by 2030 and another 14,000 by 2035.
“Going forward, we will need to be a leaner organization,” said Ettinger. “Between retirements and other approaches such as voluntary departures, we can navigate this change with respect for our employees.”
The Canadian Union of Postal Workers (CUPW) did not respond well to his statements.
“The CEO of Canada Post, Doug Ettinger, doubled down on plans to axe our jobs and our public services. These plans will have devastating impacts on the communities we serve,” said CUPW in an emailed statement.
The union also said the federal government needs to consult with it and Canada Post customers regarding plans to revamp the postal service.
“The Canadian Union of Postal Workers and Canadians have been kept in the dark. It’s outrageous,” said CUPW.
The Union also said that a stamp price increase earlier this year and service expansion should help Canada Post recoup its losses.
Negotiations with Canada Post for a new collective agreement have been ongoing for more than a year and a half.
CUPW launched a nationwide strike in late September after the federal government announced its plan for changes to the company’s mail delivery business.
The union switched to rotating strikes by Oct. 11, restoring mail service in most places. Workers in parts of Quebec and Ontario have stopped delivering flyers but continue to deliver addressed mail.
CUPW says negotiations with Canada Post, supported by federal mediators, are ongoing.
During its public meeting, Canada Post said it remains confident the two sides will reach an agreement.
