What Happened to Aeroplan?

Aeroplan was established in July 1984 by Air Canada as its frequent flyer incentive program. In a significant corporate restructuring, it was spun off as a separate corporate entity in 2002 and later became part of Aimia, a publicly traded loyalty management company, by 2008. This separation meant Aeroplan operated independently of Air Canada for over a decade, expanding its network of retail and travel partners beyond the airline industry.

The relationship took a dramatic turn in May 2017 when Air Canada announced its intention to launch a new in-house loyalty program in 2020, effectively ending its partnership with Aeroplan. This announcement caused considerable uncertainty among Aeroplan's millions of members regarding the future of their accumulated miles.

However, in August 2018, Air Canada, in partnership with TD, CIBC, and Visa, reached an agreement to re-acquire Aeroplan from Aimia for CA$450 million in cash, also assuming approximately CA$1.9 billion in Aeroplan Miles liability. The acquisition was completed in January 2019, paving the way for Aeroplan's reintegration into Air Canada's ecosystem.

The transformed Aeroplan program officially relaunched on November 8, 2020. Key changes included the elimination of airline surcharges on Air Canada flight rewards, the introduction of dynamic pricing for Air Canada flights (while maintaining fixed pricing for partner airlines), a 'Points + Cash' option, and family sharing benefits. The program also introduced new co-branded credit cards with TD, CIBC, and American Express.

Further significant changes came into effect on January 1, 2026, when Aeroplan transitioned to a revenue-based earning model for Air Canada flights. Members now earn points based on the amount spent on their ticket (base fare and carrier surcharges), rather than distance flown. Elite Status members receive multipliers, earning up to 6x points per dollar spent. This change also introduced Status Qualifying Credits (SQC) as the primary metric for achieving elite status, replacing Status Qualifying Miles, Segments, and Dollars.

As of August 11, 2026, Aeroplan's strategic importance and value were underscored by a major financial development: Air Canada announced a $2.5 billion minority equity investment in Aeroplan Inc. A consortium led by Blackstone and La Caisse, along with other Canadian institutions, acquired a 25% non-controlling equity interest, valuing the program at a substantial C$10 billion. Air Canada retains a 75% ownership interest and full operational control. The proceeds are primarily intended for debt repayment and accelerating share repurchases for Air Canada.

Most recently, on September 10, 2026, the Chase Air Canada Aeroplan Credit Card underwent a significant refresh in the US market. This update introduced automatic Aeroplan 25K Status for cardholders, new earning rates (e.g., up to 5x points on Air Canada purchases), a 15% discount on eligible Air Canada flight rewards, and an increased annual fee. Additionally, Air Canada launched a promotion on September 11, 2026, offering 4X bonus Aeroplan points on economy fares to select destinations for bookings made within a specific window. Aeroplan continues to expand its partner network, with recent additions in July 2026 including Calm Air for reward bookings and the ability to redeem points for Emirates travel.