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Air Canada compensation for delayed flight?

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We have just endured a very lengthy layover in the Winnipeg airport and wondering what to expect in the way of compensation. The delay was over 5 hours, caused first by a one hour shutdown at the airport due to severe weather, then ‘mechanical’ issues. We were travelling business on points so were each given 2 $15 meal vouchers as the Maple Leaf lounge was closing several hours prior to our departure. We used 2 and the others are good for a year at any airport serviced by Air Canada so that wasn’t so bad.

At the gate we were also given information on how to receive a promotion code for a discount on a future flight. The terms seem quite generous: good for travel 13 months after receiving the code, up to two customers per booking, for any Air Canada, Air Canada Express, or codeshare flight. Also fully transferable. With such generous terms, I’m guessing the actual amount of the discount is small. Does anyone know? Is it a set $ amount, or a percentage? Will it be the same for everyone, or dependent on the fare class of our original purchase? Is it worth a try to get cash instead of the discount? Or Aeroplan miles?

We have up to 60 days to get the code, and if I am reading correctly, we have 13 months in which to travel AFTER we receive the code, so might as well wait out the 60 days to give us a larger window to book future travel. Inspite of YYZ being our home airport, Air Canada is rarely our first choice so I’m thinking this ‘compensation’ isn’t going to be terribly useful.

I would appreciate comments from anyone who has had experience with AC delays.

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