The 29-year-old died from "severe neurotrauma" after sustaining head injuries in a crash in the finish area during the fourth heat of the ski cross finals.
The Toronto skier was airlifted to hospital in Interlaken, where he was pronounced dead at 12:35pm local time.
Max Gartner, president of Alpine Canada, said: "Our thoughts are first and foremost with Nik's parents and his family.
"Nik was a very talented young ski racer and a great athlete who was much loved by his team-mates and fellow competitors. He will be greatly missed by all of us and the ski community as a whole."
No further heats took place following the crash and Saturday's World Cup race was cancelled. The International Ski Federation (FIS) has also cancelled tomorrow's World Cup race.