Money

Canada Post increases stamps prices by 37% 0

QMI Agency

A package of ten Canada Post stamps. (KELLY PEDRO / QMI AGENCY)

A package of ten Canada Post stamps. (KELLY PEDRO / QMI AGENCY)

Canada Post's new tiered pricing system for stamps went into effect Monday.

Buying stamps individually now costs more than buying them in a booklet or coil, according to a statement from Canada Post earlier this month.

Permanent stamps bought in a booklet cost 85 cents each, up from 63 cents — a 37% increase. Stamps previously purchased at the lower price will still be accepted, and a 22-cent stamp is available to cover the difference.

Canada Post says this increase will cost the average household less than $5 per year, based on its estimate that the typical Canadian household buys fewer than two stamps a month.

It now costs $1 to purchase a single stamp.

Canada Post is also adjusting prices for businesses.

The Canadian Federation of Independent Business said Monday it is fighting the increase on behalf of its 109,000 small- and medium-sized business members.

The national postal service said the increases were necessary because of the declining volume of letter mail.

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