Canada Post has reported a substantial loss before tax of $748 million for the fiscal year 2023, attributed to shifting consumer needs, declining mail volumes, and intense competition in the parcel delivery sector.

The postal service, grappling with profound changes in consumer behavior and market dynamics, encountered significant challenges in 2023. The surge in competition in the parcel delivery landscape post-pandemic, coupled with the ongoing decline in Transaction Mail volumes, has exerted immense financial pressure on Canada Post.

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