Canada Post lost $748 million last year, warns of 'critical' financial situation

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Canada Post said Friday its financial situation is so grim it could run out of operating funds in less than a year, after the Crown corporation posted another whopping pre-tax loss of $748 million in 2023.In its annual report released late Friday afternoon, the company predicts "larger, unsustainable losses in future years" without major changes to its operating model."Even with Canada Post's recently proposed stamp price increase, the Corporation projects that, without additional borrowing and