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Canada Post warns of ‘critical’ financial situation following $748 million loss last year

Canada Post is reporting over $740 million in pretax losses last year, and warns that more losses are expected if there’s no changes to its business model.
The federal mailing service says a large part of the losses they saw last year were from a surge in competition at a pace they haven’t seen before, as well as a decline in transaction mail.
The total pretax loss last year has increased by $200 million compared to the $548 million loss they saw two years ago.
The amount of mail Canadians receive has dropped by more than 50 per cent over the last 20 years, while the number of addresses has increased by more than 3 million.
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Canada Post says back in 2006, the average household would get seven letters per week, and last year, they would get two.
The company says delivering fewer letters to a growing number of addresses is intensifying their financial pressures.
An emailed statement, Canada Post said they are looking at all options and are working closely with the federal government when it comes to making changes.