Starting this Monday (May 6), Canada Post has implemented a new postage fee standard, increasing the price of stamps by 7 cents each.
On February 9 of this year, Canada Post announced the postage hike and began seeking feedback from the public. The new charges came into effect on February 6: when purchasing a booklet of 10 stamps or more, the price per stamp is now 99 cents, up by 7 cents.
The price for a single domestic stamp has risen from the original 1.07 Canadian dollars to 1.15 Canadian dollars.
Last Friday, Canada Post reported its performance for the year 2023, showing a pre-tax loss of 748 million dollars. In comparison, the pre-tax loss for 2022 was 548 million dollars.
The postal service warned that without necessary adjustments, it anticipates even greater losses in its operations in the coming years.
Regarding the reasons for the losses, Canada Post stated that the increased competition in parcel delivery following the COVID-19 pandemic, ongoing decrease in mail volume, and continuous rise in address and delivery costs have all contributed to harming its performance.