The Canada Remembers Airshow in Saskatoon has been grounded.

Credit Union Centre has cancelled the show, because it's losing too much money on the event.

Soaring jets and second world war bombers have migrated to Saskatoon every summer for the last 17 years, but this August those famous snow birds will be absent from the land of the living skies.

The CUC says they lost $166,000 from last year's event. They say ticket and sponsorship revenue has not kept up with rising costs. Moving the show to the racetrack instead of the airport meant additional expenses.

Will Lofdahl is the executive director with the CUC. "The airshow is a high quality event and it's a salute to our veterans, and that's important to us, but we also have to be cognizant of the financial side of things because it is part of our charge to do things in a responsible way financially."

A large portion of the show is dedicated to honouring our veterans. The Credit Union Centre says they will continue to work with the veterans to find other opportunities to honour them, like hosting the Remembrance Day ceremonies each year.

"We had 9,000 people here for that event and I'm told it's the largest indoor celebration on Remembrance Day in the country, which is a lot to be proud of," says Lofdahl.

The CUC says there is a possibility the air show will return down the road, if they can make the finances work.