Air Canada saw a 7.6% decrease in cash and short-term investments during the third quarter compared to the quarter before.
The Montreal-based flag carrier had C$2.2 billion at the end of September compared to C$2.38 billion three months earlier.
Long-term debt and finance leases fell 4.8% to C$3.6 billion during the period.
Michael Rousseau, chief financial officer of Air Canada, says that debt maturities during the next two years are "not significant" but that a large amount of the airline's high yield bonds mature in 2015, during an earnings call on 8 November.
The airline has C$1.48 billion ($1.48 billion) in debt maturities in 2015 compared to C$510 million in 2013 and C$315 million in 2014.
Air Canada will focus on financing its upcoming Boeing 777-300ER deliveries in the first half of 2013 and its first Boeing 787-8 deliveries in the second half of 2013, before addressing the high yield debt maturities, says Rousseau.
The carrier has aircraft and other capital commitments of C$549 million in 2013, C$830 million in 2014, C$548 million in 2015, C$969 million in 2016 and C$2.04 billion in 2017 and after.