I don't like to conflate Capital Expenditure with Operating Deficits, even if both are (in VIA's case, at least) ultimately a subsidy paid by the taxpayer. The way I see it, the direct subsidy to operate VIA's remote services is pocket change (
$20 million in 2018, so some $0.50 per Canadian) and should be counted as a (very insufficient) compensation for the hardships we've brought onto our First Nations communities, for many of which these services are a lifeline. We can debate as much as we want whether all these services are actually "remote", but the Churchill service undoubtebly is and can't be replaced by roads (at any reasonable costs, I believe there was a study which put that cost in the billions), so we'll need a new non-corridor fleet anyways and one which includes Sleepers.
As for the transcontinental services, I would frame them as a marketing tool to attract tourists to Canada. If we look at the Canadian, its direct subsidy was $6.5 million in 2018 and a surplus (!) of $0.8 million in 2017. We will anyways need to fund something which can shuttle equipment around between Jasper, Winnipeg, some random city in Northern Ontario (which shall remain unnamed because few good things have ever come out of it) and VIA's Maintenance Centers in the Corridor and the Canadian is certainly the cheapest way to achieve this and whatever subsidy it requires, it easily repays that by the incremental tax revenues it generates by attracting overseas tourists which would have otherwise booked the "Indian Pacific" in Australia or an actual cruise in the Carribean. The Ocean is slightly less successful, but with a direct deficit of $12 million per year, who cares?
Of course the long-distance fleet replacement won't be cheap, but if we had put aside a single Dollar for each Canadian and year of operation we squeezed out of the stainless steel fleet CP originally acquired in 1955, we probably would have the money to pay for a like-for-like replacement...
This of course doesn't mean that we shouldn't invest into a nationwide bus network, but a single Dollar per Canadian and year would pay for a franchise system which supports a network which is at least as dense as what Greyhound used to operate pre-2018. We can easily afford to do both: maintain our existing non-corridor VIA network and build a very decent nationwide bus network which truly connects Canadians...
The Transcontinental is an iconic tourism symbol of Canada. It is a simple statement of fact. Ride it (or encourage clients to ride it) and the reviews are terrific. People come for the trip, people come for the train, for the iconic rail cars, for the experience, and they come from around the world (an no, I do not work for VIA). If and when you have to replace the cars, I would with new 'heavyweights' with all the same signature clues in the units -stainless, domes , park cars, dining experience etc etc I would change the route in Ontario, This trip is about scenery and so at Sudbury the route would diverge to Sault Ste Marie, up to Franz, and then west via CP to Thunder Bay. And i would consider a 'second service' that would run through the Rockies on the days the Transcontinental was not (or maybe if the demand was there, double up) from Edmonton to Vancouver and vice versa. There are going to be issues with timing and speed, both of which could be improved as they stand today, and you cannot gloss over those issues, or the changes that could, should or might be made to improve the status of speed and service. But without a doubt, this train is a worthy investment long term.
The Ocean is similar, but not quite, from my limited experience. It appears to carry more clients who are not tourists, giving that train a differing role, compared to the Transcontinental. But there appear to be tourism related facets of this trip that could be enhanced and played up as well.
You can add in the Polar Bear Express, which is purely tourism orientated. (And I believe they have the non PB Express service still as well, which was always the more interesting trip)
Whether you add some sort of regional passenger service on days the Transcontinental/Ocean are not running, over select portions of the existing routes is a question, and maybe for another thread (although one hesitates currently). Do these routes serve communities without viable services, viable road networks, the chance of a better regional bus network (ONR in Ontario for instance), any sort of ridership comparable (at the very least) to say the Sudbury - White River service, which was about 6,000 rides a few years ago ? I am not so sure. Having lived and worked in Northern Ontario, i would lean to a viable, reliable, interconnected bus network first. And lets see how the revised, improved(?), speedier(?) Northlander fairs before we declare Northern Ontario, the Prairies, and Eastern Canada ready for a return of a VIA Regional Rail Service anywhere it does not exist right now. (Whatever the solution, the need for better regional transport may be growing or possibly will be growing in many of these areas. Example - the medical services situation in Sault Ste Marie, where they are chronically, critically short of services and doctors. This is forcing patients to Sudbury for routine appointments. Currently ONR runs one bus a day in each direction, which is not much of a service)
As it stands, VIA has many challenges improving corridor service in Ontario/Quebec, where it should be focused 1A. Then 'Tourism ' Services 1B, and adding new routes somewhere after that.
Off to Montreal again, hopefully riding one of the new rail sets.