CSA issues advisory on Canada Post strike

As a result of the strike at Canada Post, financial advisors who must send materials to security holders or members of the Canadian Securities Administrators (CSA) should “contact their local securities regulator or visit their local regulator’s website for guidance,” the CSA announced Friday. It cautioned that “service interruptions may vary from region to region.”

The Canadian Union of Postal Workers went on a country-wide strike at 12:01 a.m. (ET) Friday, warning in a statement that “customers will experience delays.”

Deliveries to Northern Canada and other remote areas will be affected, the union said. Canada Post workers will accept no new mail during the strike.

Benefit cheques scheduled for distribution on Nov. 20 will be delivered, including Canada Pension Plan, Old Age Security, Veteran Affairs Pension Plan and the Canada Child Tax Benefit. Quebecers will receive provincial pension plan and child assistance payments. Pension cheques from Alberta Seniors will also be delivered.

Canada’s Labour Minister Steven MacKinnon told reporters on Friday that Ottawa will not order Canada Post employees back to work.

“I’m not looking at any other solution other than negotiation,” he told reporters, according to CBC News. “Right now, every day is a new day in collective bargaining and we are going to continue to support the parties in any way we can and make sure they are able to try and get a negotiated agreement.”

Ottawa passed back-to-work legislation the last two times union workers went on strike, in 2018 and 2011.

Kevin Press

Kevin Press is editorial director for Advisor.ca. He has been writing about money since 1997. Reach him at kevin@newcom.ca.