Canada Post is warning MPs it needs another major bailout from cabinet after burning through a $1.034-billion credit line approved earlier this year, with executives admitting the Crown corporation won’t be able to repay taxpayers for years.Appearing before the Commons government operations committee, CEO Doug Ettinger said the postal service’s finances “cannot continue” on their current path, with pre-tax losses expected to hit $1 billion this year alone. Blacklock's Reporter said he acknowledged that even with ongoing service cuts — including replacing home delivery with community mailboxes — Canada Post won’t break even until 2030.Conservative MP Tamara Jansen pressed executives on whether taxpayers could expect any repayment before then. Ettinger hesitated, later conceding the corporation must spend heavily in the coming years to modernize operations and cut costs.Conservative MP Kelly Block pushed for details about the new loan request, but Ettinger would only say discussions with the government are underway. .Canada Post officials have not disclosed how much they are seeking.Chief financial officer Rindala El-Hage confirmed the existing $1-billion credit line has already been depleted. “We’ve exhausted that,” she said, adding talks with the minister’s office remain unfinished and there is no timeline for approval. She also confirmed the initial loan is still repayable.MPs have cited unnamed sources suggesting Canada Post is asking for roughly $500 million more in taxpayer-backed financing. Public works assistant deputy minister Lorenzo Ieraci told MPs on December 4 that negotiations are ongoing as Ottawa tries to determine how to keep the postal service running amid worsening financial pressures.
