Canada Post wants to hike stamp prices to 92 cents starting next year

Canada Post is proposing to raise the prices of stamps ever-so-slightly next year.

The federal corporation says it is looking to increase the price of stamps two cents, to 92 cents, for a stamp purchased as part of a sheet of stamps, or to $1.07 for a single stamp.

The Crown corporation says it expects the cost to Canadians would be about 26 cents a year and the cost to businesses would be about $6.

Regulations made public Friday show the cost to send mail or packages internationally would go up between three cents and 48 cents depending on the size and destination.

The proposals are subject to a 30-day consultation.

If approved, the new rates would take effect Jan. 13, 2020.

Last year, Canada Post delivered about three billion pieces of mail, a 44-per-cent decline from a peak in 2006, though that’s partly because of major work stoppages in the fall related to a labour dispute.

Meanwhile, an average of 174,000 new addresses are added in Canada each year, requiring Canada Post to deliver to more places.

The result, the Crown corporation says, is a drop in revenue with a before-tax loss of $270 million in 2018 compared to a profit of $76 million in 2017.

Increasing postage rates would generate $9 million in gross revenues, Canada Post predicts.