The Air Canada cancellation policy offers travelers options based on fare type and timing. If you cancel within 24 hours of booking, you can receive a full refund provided your flight is at least seven days away. After the 24-hour grace period, Basic Economy fares are generally non-refundable, while Standard, Flex, Premium Economy, and Business fares may allow cancellations with fees or travel credits. Refundable fares are the most flexible, returning the full amount to your original payment method. Reviewing fare conditions before canceling ensures you know whether you’ll receive a refund, credit, or face cancellation penalties.