The other major race at Montreal's Circuit Gilles Villeneuve is in danger of being scrapped.
In addition to hosting the grand prix, Montreal is the only Canadian stop on the NASCAR schedule.
But AP reports that the Quebec government turned down a request for $1 million in support to offset the event's expected $1.6m loss.
"Efforts were made," Montreal mayor Gerald Tremblay said. "It's unfortunate, but maybe there will be other events in the future."
Promoter Francois Dumontier is quoted by CTV Montreal: "We were shocked when we learned about it (the decision)."