If confirmed, Mr Hall's death would be the second execution of a Canadian citizen by the militant group Abu Sayyaf in the country's south-west in recent months.
A former mining executive was killed in April.
Philippine security executives say intelligence reports indicate the militant group Abu Sayyaf has beheaded Canadian citizen Robert Hall on the remote south-western island of Jolo.
Canadian prime minister Justin Trudeau says his government is working with police to confirm the death of the 50 year-old.
The report comes after the apparent refusal to pay a ransom demand.
Justin Trudeau says there is reason to believe Abu Sayyaf has executed Mr Hall.
"It is with deep sadness and anger that I can report that we have reason to believe that a Canadian citizen, Robert Hall, held hostage in the Philippines since September 21st, 2015, has been killed by his captors. I spoke with President (Benigno) Aquino this morning, and he expressed his profound condolences and regret to all Canadians.''
Abu Sayyaf militants reportedly took Mr Hall captive with three other people from a resort on Samal Island.
The fate of two people believed to be held captive with him, a Norwegian and a Filipino national, are unknown.
Mr Hall has appeared in a video, surrounded by what are thought to be his captors, urging the Canadian government to meet Abu Sayyaf's demands.
"To the Canadian government, I'm told to tell you to meet the demand. I don't know what you're doing, but you're not doing anything for us. John's been sacrificed, his family has been decimated, and I'm not sure why or what you're waiting for."
The armed group initially demanded one billion pesos, almost AU$30 million, last November, but lowered the ransom considerably earlier this year.
In a video posted online, a man believed to be a member of the group warned the Canadian government there would be more deaths if it refused to meet future ransom deadlines.
"Notice to the Philippine government and to the Canadian government: The lesson is clear. John Ridsdel has been beheaded. Now, there are three remaining captives here. If you procrastinate once again the negotiation, we will behead these all any time."
But Justin Trudeau reiterated his government's position that paying ransoms for hostages would endanger the lives of more Canadians.
"Canada cannot and will not pay ransoms to terrorists. We will not turn the maple leaf worn with pride by over 3 million Canadians abroad into targets. We are more committed than ever to working with the government of the Philippines and international partners to pursue those responsible for these heinous acts and bring them to justice, however long it takes."
Abu Sayyaf, based in the south of the country, is known for kidnappings, beheadings and extortion.
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