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Abstract Floods are the most frequently occurring natural hazard in Canada. An in‐depth understanding of flood seasonality and its drivers at a national scale is essential. Here, a circular, statistics‐based approach is implemented to understand the seasonality of annual‐maximum floods (streamflow) and to identify their responsible drivers across Canada. Nearly 80% and 70% of flood events were found to occur during spring and summer in eastern and western watersheds across Canada, respectively. Flooding in the eastern and western watersheds was primarily driven by snowmelt and extreme precipitation, respectively. This observation suggests that increases in temperature have led to early spring snowmelt‐induced floods throughout eastern Canada. Our results indicate that precipitation (snowmelt) variability can exert large controls on the magnitude of flood peaks in western (eastern) watersheds in Canada. Further, the nonstationarity of flood peaks is modelled to account for impact of the dynamic behaviour of the identified flood drivers on extreme‐flood magnitude by using a cluster of 74 generalized additive models for location scale and shape models, which can capture both the linear and nonlinear characteristics of flood‐peak changes and can model its dependence on external covariates. Using nonstationary frequency analysis, we find that increasing precipitation and snowmelt magnitudes directly resulted in a significant increase in 50‐year streamflow. Our results highlight an east–west asymmetry in flood seasonality, indicating the existence of a climate signal in flood observations. The understating of flood seasonality and flood responses under the dynamic characteristics of precipitation and snowmelt extremes may facilitate the predictability of such events, which can aid in predicting and managing their impacts.