If you’ve heard anything about Canada’s postal service, it’s probably that it’s losing money. A lot of money. And there’s little sign that the hemorrhage will stop anytime soon.

Last year, the government-owned corporation reported an annual loss of $748 million and warned it could run out of operating capital by early 2025, unless it came up with new borrowing or refinancing options. Canada Post’s operations aren’t actually subsidized by the federal government. It’s expected to serve every single address in the country and still break even, with limits on the prices it can charge and the services it can offer.

With the ascension of electronic communication, letter mail volumes have plunged, meaning there’s less revenue coming from Canada Post’s original vocation. It delivers packages too, but there it faces competition not just from traditional parcel delivery services, but also from an even lower wage model pioneered by Amazon.