[This story has been updated.]

Time has a Canadian circulation of about 218,000.

Time Inc. will also close its Toronto-based sales office, which sells Canadian ads in Time, Sports Illustrated and People magazines. Seven people will lose their jobs as a result. (Bill C-55, passed in the 1990s, allows foreign publishers to sell up to 18% of their advertising space without restrictions or Canadian content requirements.) Full Time Inc. statement after the break.

Due to the challenging economic climate and recent Time Inc. restructuring, TIME is eliminating its Canadian advertiser edition immediately after publication of the 12/29 issue. Moving forward, readers and advertisers in Canada will be served by TIME’s U.S. edition.
 
As one of the great global media brands, TIME remains committed to the international marketplace, both in its print editions and on TIME.com, which is becoming an increasingly important part of our international offering, and which we expect to maintain its terrific recent growth. The editions of TIME magazine and TIME.com will continue to draw on the award-winning journalism from TIME's correspondents around the world.