The privatization of Air Canada was a mistake

In fact, the privatization of most Canadian crown corporations was a mistake

From a government perspective, connecting remote areas has economic advantages through improved trade, better access to services, and eventually increased economic growth/more tax revenue. For private corporations, none of these advantages materialize.

That's why China is able to afford a trillion dollars of debt to build HSR when nobody else can: it allows them to push economic growth away from tier 1 cities (Beijing, Shanghai, Shenzhen, Guangzhou) and towards tier 2 and tier 3 cities.