For lost luggage: If your bag is declared permanently lost, you will have to submit a claim, generally within a few days or weeks of the luggage being lost. Airlines don’t automatically pay the full amount of every claim they receive. Be sure to double (and triple) check with the airline that all claims forms have been submitted because missing the deadline for filing it could invalidate your claim altogether. Once you settle your claim with the airline, the airline may offer you a cash payment or free tickets on future flights. If you opt for the travel voucher, be sure to confirm any restrictions, such as blackout dates, destinations and voucher expiration.
For a flight delay: Generally speaking, there is no legislation (yet) for Canadian travellers that offers entitlements based on delayed flights. On a case by case and airline by airline basis, there are a few ways the airlines try to compensate passengers for delayed flights. They range from free reservation changes for delays of two or more hours on Air Canada to travel vouchers for delays over 12 hours. If you do find your flight delayed for any significant period of time, many airlines will also offer meal vouchers.
Check out these 6 Tips to Avoid Losing Your Luggage.