Despite leading by two goals with less than four minutes to play, Canada lost 4-3 to HC Dynamo Pardubice in the Spengler Cup semifinals in Davos, Switzerland, on Saturday.
Matej Paulovic gave his team victory 33 seconds before the end of the game.
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Derek Grant gave Canada a 3-1 lead with his second goal of the game after flashing the red light with Nathan Beaulieu in the penalty box.
However, it was the indiscipline of defender Ty Smith, who was penalized for delaying play at the end of the third period, that changed everything. HC Dynamo took the opportunity to halve the deficit with a goal from Lukas Radil. Just over two minutes later, Martin Kaut equalized.
Jonathan Hazen had previously scored the first goal at the start of the second period. Canada largely dominated from the second half onwards, allowing 27 shots in the final 40 minutes of play.
Canada goalkeeper Aaron Dell made 31 saves on 35 shots.
Pardubice will face HC Davos in the final on Sunday.