CUPW - 2025-05-28 - Canada Post Releases 2024 Annual Report

Canada Post Releases 2024 Annual Report

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Wednesday May 28 2025
2023-2027/260

On May 28, Canada Post released its annual report for 2024. The Corporation posted a loss before tax of $841 million, continuing a pattern of financial losses since 2018.

Canada Post puts the blame for the scale of its losses to several factors: 

  • CUPW’s 2024 strike action. 
  • Declining letter mail volumes against growing points of call. 
  • Declining parcel volumes and revenue, due to competition.

CPC’s report leaves out many important details that don’t support its own message. There is more to the story of Canada Post’s “financial crisis” than the Corporation suggests. For example: 

  • CPC does not address its failure to raise stamp rates before 2025, even though every other major postal operator raised rates significantly between 2018-2023. We should keep in mind that during the Industrial Inquiry Commission hearings in February, CPC admitted its failure to raise rates was an important reason for its losses. 
  • CPC totals all its losses since 2018, but the Corporation doesn’t mention how much of those losses resulted from costs related to the COVID-19 pandemic. 
  • Similarly, CPC does not mention the impact of one-time pay equity payments for the Rural and Suburban Mail Carriers bargaining unit, the Canadian Postmasters and Assistants Association and the Public Service Alliance of Canada between 2018 and 2023. 
  • What’s more, between 2018 and 2024, labour costs have declined as a share of total costs. Non-labour costs have grown much more than labour costs. 

The best way to right the Corporation’s finances is by negotiating ratifiable collective agreements that will help grow parcel volumes, expand services and secure Canada Post’s position as the important public service provider that it is.

CUPW remains determined to reach negotiated contracts as soon as possible to help secure the Corporation’s finances while advancing the interests of workers and the public they serve.

We encourage you to sign up for eDigest to receive the latest Union news and updates directly in your email inbox: https://www.cupw.ca/en/cupw-edigest.

 

In solidarity,

Jan Simpson
National President