After starting the year with a $1-billion federal loan, Canada Post said it will need another bailout by early 2026 as the Crown corporation bleeds cash, putting it on track for its worst fiscal year yet.

It reported the highest quarterly loss in its history Friday, as the beleaguered mail service contends with stiff competition for parcel delivery and disruptions from an ongoing labour dispute.

The loan of $1.03 billion from Ottawa in January “was meant to carry the corporation through the government of Canada’s fiscal year ending March 31, 2026,” it said in its quarterly report.

But now it expects that money to be “fully utilized” by Dec. 31 because of the hit to revenues from ongoing strike action by its 55,000 mail carriers.

“The corporation will need to access short-term financing

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