The move will see up to 480 positions affected in Toronto and up to 280 in Belfast, the company said Thursday in a release.
"We have seen an industry-wide softness in demand recently in certain international markets and are taking steps to adjust our production accordingly," said Éric Martel, president of Bombardier Business Aircraft, in the release.
"We fully understand the impact this will have on our affected employees and their families and we will do everything possible to support them."
Lower energy prices and political turmoil in such markets as Russia, China and Brazil have sliced into the demand for Bombardier's largest business planes, forcing it to reduce production of its Global 5000/6000 planes.
Bombardier had said last week that is was planning another round of cost-cutting to adjust to weaker demand for business jets and warned layoffs were likely in Toronto and Montreal.
New CEO Alain Bellemare told shareholders that layoffs are one tool and the company is also looking at reducing other expenses including supplier and development costs.
About 4,500 workers work at the Toronto assembly facility and Montreal completion centre.