Question Regarding Airline Passenger Protection Reg (APPR) for flight cancelled more than 14 days from date of flight

I was suppose to be flying Flair Airlines January 29th from Ottawa to Orlando, the airline has chosen to reduce its flight frequency on this route to 2x a week from 4x a week. There is more than 14 days from date of flight (25 days right now), am I entitled to a refund AND the $125 compensation for a small carrier? Or only a refund since I was given more than 14 days notice? I have been trying to find the answer to this online and there are conflicting answers, with some sites stating cancellation within the carriers control is compensated only within the 14 day period and others stating that compensation is owed irregardless of the notice period provided for flight cancellations within their control.

Thanks for any help you guys can provide.