No one knows the time when unknown circumstances arise and you would like to form sudden changes in your plan. So it's very essential to possess the knowledge on the tactic and costs of cancellations on the actual flight while making the bookings and reservations
Air Canada 24 hours Cancellation Policy
According to the Air Canada cancellation policy, passengers can cancel reservations and bookings on tickets without a fee when cancellation is completed within 24 hours from the acquisition and therefore the Airlines will initiate a full refund and it's both applied on the fares of refundable and nonrefundable.
You should first check if your ticket is refundable or not. Air Canada provides free cancellation within 24 hours of booking a ticket. Air Canada's 24 hours refund policy lets an individual cancel tickets without having to pay any cancellation fee. However, if you cancel your bookings beyond 24 hours then you'll need to pay cancellation fee against cancellation. Some tickets are refundable while some tickets “non-refundable” are clearly printed. Such tickets don't allow any refund or change.