On 20 March 1949, while on fleet manoeuvres in the Caribbean, thirty-two aircraft handlers on the Magnificent briefly refused an order to turn to morning cleaning stations to protest various grievances. The captain acted with great sensitivity to defuse the crisis, holding an informal discussion with the disgruntled crew members and carefully using the term "incident" instead of "mutiny", which could have resulted in severe legal consequences for the handlers.
Magnificent was decommissioned by the RCN in 1956 replaced in RCN service by HMCS Bonaventure, another RN Majestic class carrier (HMS Powerful) that had not been completed at the end of the war. Magnificent was returned to the RN in 1957 and placed in reserve until disposed of. The ship was broken up in Faslane in July 1965.