> [embedded content]

Here’s a bold prediction: Canada Post won’t pay back a dime of the $1-billion bailout it’s taking from taxpayers.

The federal government gave Canada Post up to $1 billion in “repayable funding” to “prevent insolvency.”

Canada Post is supposed to pay that funding back to taxpayers “insofar as (Canada Post’s) revenues are sufficient.”

With Canada Post bleeding money, taxpayers shouldn’t hold their breath waiting for that money to be paid back.

Canada Post lost $841 million last year. It was the Crown corporation’s seventh straight year losing money, with losses totalling $3.8 billion over those years.

ADVERTISEMENT

“Canada Post is facing an existential crisis: It is effectively insolvent, or bankrupt,” according to the report of the Industrial Inquiry Commission.

See Full Page