In addition to being the only provider of tactical fighter air-to-air refuelling in Canada, the squadron is a provider of primary search and rescue response for the largest search and rescue region in Canada, controlled from CFB Trenton.

[3] The squadron keeps an aircraft on constant readiness to deploy, with airborne search and rescue technicians (SAR techs) standing by to respond within 30 minutes of notification during weekdays and 2 hours at other times.

435 Squadron RCAF was formed on 1 November 1944 in Gujarat, India during the Burma Campaign, flying the Douglas Dakota in support of the Fourteenth Army.

Due to the Chrétien government's budget cuts and the resultant closure of the airfield at CFB Edmonton, the squadron was moved to 17 Wing Winnipeg in 1994, operating from Hangar 16, a Recognized Federal Heritage Building since 2007.

The squadron has also participated in several exercises and support missions, and was the first Canadian unit to land a plane in Jacmel shortly after the devastating 2010 Haiti earthquake.