The newspaper insert was distributed nationally through the Globe and Mail and also to some places in Europe.
It includes an outdoor photograph of a rugby team, maple trees and historic buildings with signs in French.
The photo is labelled as the campus of the Southern Alberta Institute of Technology (SAIT) but it's actually a photo of the McGill University campus in Montreal.
"It's an unfortunate human error and when you work in fast-paced environments, it's inevitable," said Mary Moran from Calgary Economic Development, the organization that created the magazine.
"Obviously we're disappointed, we hate making mistakes but this is a 100 page document that was turned around within nine weeks."
Moran said a mislabelled stock photo is to blame.
"People are used to communicating and typing quickly, getting things done quickly, and I think that we have to really make sure that the images that we have are correct," said Debi Andrus, a marketing professor at the University of Calgary.
Andrus says she doubts the small error will detract from the whole magazine.
The magazine promotes Calgary and is meant to attract new workers to the city.
Also on HuffPost