Canadians will now have to shell out a little more money to mail a letter.
Canada Post's latest postage rate hike took effect on Monday. It increases the cost of a stamp booklet, coil, or pane to 99 cents per stamp. That is up seven cents from the previous cost of 92 cents each.
The price of an individually purchased domestic stamp also rose to $1.15, up from $1.07.
This is the third time the price of stamps in the country have risen in the past five years. In 2019, the price went up by five cents. That was followed by an additional two cent jump in 2020.
"Canada Post understands the importance of the delivery service it provides and works to minimize the impact of price changes on all customers, ensuring any increases are fair and reasonable," Canada Post said in a statement on Monday.
The price increase was first announced in February and received regulatory approval last month.
In its annual report released on Friday, Canada Post recorded a pre-tax loss of $748-million in 2023. It warned of larger, unsustainable losses in future years if major changes aren't made to its operating model.
According to the report, Canada Post has seen a dramatic decline in letter mail while also faced with higher delivery costs due to the roughly 200,000 new addresses being added to Canada each year.