Every slot fee, every crew pairing, every GDS listing — paid in full. Revenue collected: zero. Air Transat's Toronto–Accra service was cancelled before its scheduled June 27 launch, making it a near-perfect case study in where the leisure model hits its structural ceiling. **The leisure formula has a narrow operating range.** It works brilliantly on sun-and-beach corridors — Cancún, Punta Cana, Montego Bay — where package-holiday density lets carriers sell seats in bulk to tour operators, smoothing yield across the cabin before the aircraft ever pushes back. Frequency is low, margins are thin, but the math closes because demand is seasonal, predictable, and pre-sold. A 12-hour route to Accra is a different equation entirely. Toronto–Accra is a diaspora corridor: high-value, emotionally motivated travel, but structurally resistant to package bundling. The passengers who fly it aren't buying resort weeks. They're visiting family, attending funerals, closing business. And they already have options — Ethiopian via Addis, Air France via CDG — operated by carriers with hub depth that lets them feed the route from dozens of connecting cities and absorb yield variance across a network. **Air Transat had none of those backstops.** No corporate travel base to fill seats mid-week. No codeshare partners to add feed. No frequency to build loyalty. Just a single weekly departure that had to pencil out every single time — on a corridor where the competition never needs any single flight to work. Pre-launch cancellations are quietly brutal. Sunk costs don't disappear because the aircraft never flew. What the YYZ–ACC cancellation actually maps is not a demand failure but a boundary condition: the precise outer edge of where leisure long-haul economics can reach before the model stops functioning. Some routes don't fail at cruising altitude. They fail on the spreadsheet, months before the gate agent ever picks up a microphone.