Originally Posted by sjhanlon

According to the T&C's:

Refundability
Preferred seat selection charges are non-refundable, except if:

You are not seated in your originally selected Preferred seat because of an involuntary schedule or airport change (e.g. flight disruption, cancellation), or because Air Canada moves you from an emergency exit row seat prior to boarding or during the flight;
You have a confirmed upgrade to Executive Class or Executive First prior to flight check-in;
You cancel your itinerary, or voluntarily change to a different flight or fare family and Preferred seat selection becomes complimentary on your new itinerary.

Free preferred seats for Elite only apply to the bulkhead - An Air Canada Elite customer or Star Alliance Gold member (with another airline) travelling on a Tango Plus fare (front row bulkhead only).