No, Air Canada Premium Economy does not include lounge access as a standard benefit.
Lounge access is typically reserved for: Business Class (Signature Class) passengers on international or select North American routes. Air Canada Super Elite, Elite 75K, and Elite 50K members of Aeroplan, regardless of cabin class. Star Alliance Gold members (when traveling on an international itinerary on a Star Alliance airline). Certain premium credit card holders (like the Aeroplan Reserve card) or paid lounge memberships.
Key Exception for Premium Economy: You may receive lounge access if you are connecting to/from a same-day international long-haul flight in Business Class. However, access is granted based on the higher-class ticket, not the Premium Economy segment itself.
What Air Canada Premium Economy DOES Include: Dedicated check-in zone. Priority boarding. Enhanced meal service with complimentary beverages (including alcohol). Increased baggage allowance (typically 2 checked bags). A more spacious seat with greater recline and legroom than standard Economy.
Bottom Line: If lounge access is important for your trip, you would need to book Business Class, hold the required elite status, or have access through a credit card or membership.