Air Canada:
Flag-carrier of the 51st State, Not — February 2026

Air Canada has had to rapidly refocus its strategy following the collapse of its transborder markets thanks to President Trump’s unpredictable politics. It also has to streamline its somewhat complex structure.

In the middle of the pandemic, it appeared possible that Air Canada might be renationalised (it was privatised in 1988). The federal government provided C$4bn in guaranteed loans and injected C$500m of capital into the company, taking a 6% equity stake. However, the airline recovered strongly in 2023, reporting record net profits of C$2.3bn, a 10.4% margin on revenues of C$21.8bn. Profits slipped in 2024 — C$1.7bn on revenues of C$22.2bn — but were still reasonable.