As Canada Post continues to lose more than a billion dollars this year amid ongoing labour disputes and negotiations, the CEO says the Crown corporation aims to “break even” by 2030.
This comes after Canada Post submitted plans to overhaul its business last month to Government Transformation, Public Works and Procurement Minister Joël Lightbound, which included a list of key measures aimed to help reduce costs and modernize operations.
President and CEO Doug Ettinger spoke at the House of Commons government operations committee on Thursday in Ottawa, and was asked by Conservative MP Tamara Jansen if and when the plan submitted to the federal government in November would see Canada Post become financially sustainable.
“It’s an ambitious plan, and we’ve shaped it around the minister’s announcement on the 25th of September, as well as our knowledge of the industry and so on, and it gets us to break even by 2030,” Ettinger said in response.
In September, Lightbound announced Canada Post would be allowed to end door-to-door mail delivery to individual addresses and close or convert some post offices as part of the broader plans to restructure the company.
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Some of the other measures Canada Post outlined as part of the restructuring plans, which Ettinger repeated at the committee meeting, included increasing the use of community mailboxes and expanding mail delivery standard timelines for letters.
Canada Post said last month it had lost over $1 billion so far this year as the ongoing labour disruptions led to lost revenue from service demand that was scooped up by the competition.
This also comes after the company was given $1 billion in federal loans near the start of 2025.
Ettinger was also asked if the 2030 timeline given at the committee hearing would include paying back some or all of those loans.
Ettinger did not provide a clear response.
“We’re going to need to invest in the company over the next few years in order to do the things that we need to do to make the changes that are going to reduce our costs, and that are going to give us a more competitive position in the marketplace, vis-à-vis our competitors, and so there’s going to have to be some investment over time,” said Ettinger.
“The minister made it clear that these bailouts or injections have to stop, and by the way I 100 per cent agree with that — they need to stop as soon as possible.”
Canada Post and the Canadian Union Of Postal Workers announced in November that the two sides had reached an “agreement in principle,” but no details of the potential agreement have been revealed as negotiations continue on hammering out the final terms for workers to vote on.
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