The CFL canceled the 2020 season, the league announced Monday.
"Our league governors decided today it is in the best long-term interests of the CFL to concentrate on the future," commissioner Randy Ambrosie said.
"We are absolutely committed to 2021, to the future of our league, and the pursuit of our vision of a bigger, stronger, more global CFL."
The league lobbied the Canadian government for financial assistance over the past few months amid the coronavirus pandemic, and its request for a $30-million interest-free loan was reportedly denied recently.
The CFL's 2020 season was originally scheduled to begin on June 11 before being postponed to a later date.
Ambrosie said in May that the league planned to potentially put together a shortened campaign starting in September, but those plans fell through without financial assistance as the league would have to host a season with no fans in the stands, losing its No. 1 source of revenue.
The Grey Cup has been played every year since 1919. The 108th edition of the game would have been determined by a "win and host" model under the CFL's shortened schedule. Hamilton and Regina, Saskatchewan, are currently set to host the season finale in 2021 and 2022, respectively.