Trump did not provide a reason for the decision, which comes after Canada's PM Mark Carney warned of a "rupture" in the US-led global order.
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"Please let this Letter serve to represent that the Board of Peace is withdrawing its invitation to you regarding Canada's joining," Trump said on Truth Social in a post addressed to Prime Minister Mark Carney, who made headlines this week when he warned of a "rupture" in the US-led global order.
Canada had indicated that while it would not pay to be on the board, it would join.
Meanwhile, EU chief Antonio Costa said European leaders have serious doubts about the scope of the board, but were willing to work with the body in Gaza.
The board, which gives Trump wide decision-making powers as chairman, is being billed by the US as a new international organisation for resolving conflicts.
Trump did not give a reason in Thursday evening's post as to why he had decided to revoke Canada's offer.
Carney's office did not immediately respond. The prime minster had indicated last week he would accept Trump's invite on principle.
But Ottawa had indicated in recent days that it would not pay the $1bn (£740m) membership fee which Trump has said permanent members will be asked to pay to help fund the board.
Trump's Board of Peace was originally thought to be aimed at helping end the two-year war between Israel and Hamas in Gaza and oversee reconstruction.
BBC looks into who is and isn't on Trump's Board of PeaceBut its proposed charter does not mention the Palestinian territory and appears to be designed to supplant functions of the UN. Trump would be chairman for life.
Some 60 nations have been invited to join the board and about 35 have already signed up, according to the White House.
Those who have agreed to join so far include Argentina, Belarus, Morocco, Vietnam, Pakistan, Kazakhstan, Uzbekistan, Kosovo, Hungary, Egypt, Turkey, Qatar, Jordan, Indonesia and Saudi Arabia.
But none of the other permanent members of the UN Security Council - China, France, Russia, and the UK - h
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