Introduction. Recent evidence suggests an increase in suicidal ideation during the COVID-19 pandemic. The aim of our research was to estimate the likelihood of suicidal ideation among Canadian adults affected by the pandemic, and to characterize how this likelihood changed over the course of the pandemic. Methodology. We have analyzed combined data from the two cycles of the COVID-19 and Mental Health Survey, in which 18,936 adults aged 18 and over participated, answering questions from September 11 to December 4, 2020 and then from February 1 to May 7, 2021. We estimated the prevalence of suicidal ideation since the onset of the pandemic and then assessed, using logistic regression, the likelihood of suicidal ideation among adults impacted by the pandemic, as a function of social risk factors, general mental status, indicators of good mental health and coping strategies. Results. Adults with negative experiences of the pandemic had a significantly higher risk of suicidal ideation, with a clear dose-response relationship. People who had increased alcohol or cannabis consumption, expressed concern about violence at home, or had moderate to severe symptoms of depression, anxiety or post-traumatic stress disorder also had a significantly higher risk of suicidal ideation. The risk was significantly lower among people who perceived themselves as having good mental health, or who reported a strong sense of community or life satisfaction, exercised to maintain good mental or physical health, or regularly engaged in a hobby. Conclusion. The COVID-19 pandemic is influencing suicidal ideation in Canada. Evidence from our study can be used to develop targeted health interventions for suicide prevention.