The parachuter was transported to Foothills Medical Centre after a rough landing at the Calgary Stampede shortly before 2 p.m. MT Sunday.
He was conscious and talking during transport to hospital. However, paramedics say due to the nature of his injuries, he is being classified as in serious, potentially life-threatening condition because they could progress.
Lt. (navy) Julie Harris with the SkyHawks says the diver "came in hard" but was talking and joking as paramedics treated him.
The Canadian Forces Parachute Team, also known as the SkyHawks, is Canada's only military parachute demonstration team.
The elite parachuters regularly give performances which bring the team in close proximity to build formations in the sky.
The injury occurred during the national anthem jump.