The Citation aircraft left Kelowna airport bound for the Calgary area, but crashed shortly after takeoff, approximately four kilometres into a heavily wooded area north of Beaver Lake Road, east of Lake Country.
Prentice's family confirmed that he was on board the small jet that was en route from Kelowna to the Springbank airport, outside Calgary, along with Ken Gellatly, the father-in-law of one of his daughters.
WSO Board member from Edmonton Harman Kandola said: "I had the privilege of working closely with Jim Prentice".
"To lose two family members at once is unbelievably painful", reads a statement made by the family Friday afternoon.
"Jim was a dedicated public servant who worked tirelessly to build a better country and province. He will be so greatly missed".
Social media sites were flooded with homages to Prentice, shortly after news of his death was released.
He left federal politics in 2010 and took a job as the senior executive vice-president of CIBC.
Former Prime Minister Stephen Harper tweeted that Prentice was "a proud Canadian". The current government is still pursuing many of his initiatives.
Alberta premier Rachel Notley issued a statement, saying she had spoken with Prentice's wife Karen, and expressed "the profound sorrow and sympathy I feel, and that I know all Albertans feel, in the face of this unspeakable tragedy". "I honestly can't think of the world without Jim Prentice", an emotional Lukiwski said. Many Albertans blamed the incumbent Conservative government, which at that point had been in power for 44 years, for not building up a bigger financial cushion during the boom years. He deeply loved Alberta.
Three others were also killed.
Prentice was among former prime minister Harper's most trusted cabinet ministers.
Described as a "very charming politician" Prentice spent some time in the private sector between returned to provincial politics in September 2014 after winning the leadership of the Progressive Conservative Party. He resigned as party leader and MLA for the riding of Calgary-Foothills.
Jim Prentice was instrumental laying the foundation of the historic Residential School Settlement with Canada's First Nations.
"Investigations are complex and we will take the time needed to complete a thorough investigation", Harvey said. "Politics aside, I had a lot of admiration for Jim as a person".
Mark Gerretson, MP for Kingston and the Islands in Ontario says he's saddened by the news.
2008 - Re-elected to House of Commons. "I can't say that I knew Jim well; but I always enjoyed our interactions".
Prentice brought lots relevant pertinent experience to the public service and he used all of those tools extremely well, said Dallas.
"The thing that we're hoping for is to see if we can find any recording devices onboard that can help us with determining a cause, otherwise it's going to be a challenge".