Hmm good question.
The Canada Transportation Act limits license for air transportation services to Canadians only, defined as Canadian citizens, permanent residents, or corporations majority owned (51%) by Canadians.
However, specific services are excluded from this requirement, including flight training services. E.g., a flight school may be foreign owned, but a company offering domestic charters (and perhaps tours) will be subject to the foreign ownership rule.
So I think the answer is "maybe" (depending on what are all the services offered by this company, and which services the future company may be willing to exit from). It's best to consult an attorney in this field.