Today’s post is just a rare rant by me, hope you enjoy it. (Yes,I do rant occasionally .)
I just shipped a Christmas parcel by fedex from Edmonton to Vancouver and it will arrive in two days. No signature , no hold so basic ground shipment. I will get an email when it is delivered.
Fedex drop office is closer to us than the nearest post office and cost was only $9.00 more than closest post mail, ($45 vs $36) and delivers two days faster, with notification.
Mail has dropped in the last 8 years from 6 billion pieces to 2 billion (66%) At this rate CP will be out of business in 4 years.
Tax Payers Lament
Canada post is a crown Corporation so we the taxpayers own them.
If I include the Canada post annual losses the cost of my parcel through them is actually way more expensive. The last 6 years they have lost 2.994 billion or about $75 per Canadian.
Here’s hoping the over a billion dollar money losing Canada post strike leads to them going out of business so we don’t need to wait 4 years and start cost recovery right away (we own the Corporation so their loss is our loss.)
What the Corporation Predicts
My predictions do seem dire however to put it in real context here is a quote from the crown Corporation themselves:
“Without additional borrowing and refinancing, we expect to fall below our required operating and reserve cash requirements by early 2025”
Basically, a clear message to shareholders (all Canadians) there is a real possibility of bankruptcy. This company will unlikely continue as a going concern, it is not competitive.
Clearly the need for this service no longer exists, competitors can provide at much less cost to the public. Now is the time to let it go, the longer we continue to own this company, the more it will cost us
