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1 in 4 Canadians Can Only Afford the Minimum Payment on Their Credit Card

  Published August 24, 2026 · Canadian Money Brief A new survey from Equifax Canada puts a hard number on something a lot of us have felt creeping up all year: credit cards are doing more of the heavy lifting in Canadian budgets, and fewer people are paying them off. Of more than 1,500 Canadians surveyed, a quarter said they expect to make only the minimum monthly payment on their credit card, and another 7% think they'll fall behind entirely. That leaves just over half — 56% — who expect to pay their balance in full each month. The survey also found that 40% of respondents are spending more overall than they were a year ago, more than double the 18% who say they're spending less. Nearly 3 in 10 said they're leaning more heavily on credit cards to cover essentials like groceries and utilities, and close to a quarter are dipping into savings to keep up with everyday costs. More than a third have cut back on contributions to savings, investments, or education funds to make ro...
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Canada Post Faces Workforce Decline Amid Financial Struggles

 

            A Canada Post employee returns to a delivery depot in Vancouver, B.C., Tuesday, Dec. 17, 2024.


Canada Post has announced that it expects to lose 30,000 employees by 2035 through retirement and voluntary departures, a move the Crown corporation says is part of its plan to reduce costs and modernize operations.

At its annual meeting, CEO Doug Ettinger explained that the postal service will rely on “attrition first” to downsize from its current workforce of about 62,000 employees. The company anticipates 16,000 departures by 2030, followed by another 14,000 by 2035.

The decision comes as Canada Post continues to grapple with mounting financial losses. Executives revealed the corporation is now “effectively insolvent”, with billions in cumulative deficits. The decline in traditional mail volumes, combined with rising costs and competition in parcel delivery, has forced the organization to rethink its future.

Ettinger emphasized that the downsizing strategy aims to minimize the impact on employees, avoiding mass layoffs where possible. Instead, the company hopes natural retirements and voluntary departures will gradually shrink the workforce while aligning operations with “the modern needs of the country and our financial reality.”

The announcement highlights the broader challenges facing postal services worldwide, as digital communication reduces demand for traditional mail and e-commerce reshapes delivery expectations. For Canada Post, the next decade will be a test of whether it can adapt to these changes while maintaining service across the country.

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