It is owned by Exchange Income Corporation[6] with its main base in Winnipeg, Manitoba.

It was founded by Carl Arnold Lawrence Morberg (1936-2005) and his wife, Gail,[7] as a charter service in northern Saskatchewan.

Canadian Airlines acquired a 45% holding in Calm Air in 1987.

[8] On April 8, 2009 Calm Air was purchased by the Exchange Income Corporation (EIC) which also owns Perimeter Aviation, PAL Airlines, Bearskin Airlines, Custom Helicopters and Keewatin Air.

Calm Air has codeshare agreement with Canadian North.