Canada Post is reporting a $1.3-billion loss in operating expenses in its 2024 annual report.
The Crown corporation made up for some of those losses by selling off certain ventures, including its logistics business which it sold in January of last year.
Excluding tax — and accounting for its divestments — Canada Post’s losses totalled $841 million last year. That’s larger than the $748-million loss reported in 2023, and in 2022 when it lost $548 million.
The last time Canada Post made a profit was in 2017. Overall, the Crown corporation says it has lost $3.8 billion since 2018.
Canada Post said in a news release that the postal worker strike late last year contributed to a loss of $208 million. This latest annual report comes with another potential strike looming.
The last strike ended when the federal government ordered employees back to work under their existing contracts, which were extended until May 22 to allow the bargaining process to resume.
Those contracts have ended, and the union is still in disagreement with the corporation on several issues, including worker pay, benefits, pensions and Canada Post’s intent to hire part-time workers for weekend deliveries instead of paying overtime for weekend shifts.
The Canadian Union of Postal Workers issued a strike notice last week, but talks are ongoing.
