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Curious for knowing the cancellation fee is for Air Canada? In reference to the Air Canada Cancellation Policy, if you manage to cancel your reservation within 24 hours of purchase, then no fees are charged as cancellation fees. Also, you get the complete amount as a refund. On the off chance that your flight is cancelled by the airline, you will either be booked for the later on flight or, you can also choose not to travel, you are qualified for a full discount in that case.