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Abstract Minifilaments are widespread small-scale structures in the solar atmosphere. To better understand their formation and eruption mechanisms, we investigate the entire life of a sigmoidal minifilament located below a large quiescent filament observed by Big Bear Solar Observatory/Goode Solar Telescope on 2015 August 3. The Hαstructure initially appears as a group of arched threads, then transforms into two J-shaped arcades, and finally forms a sigmoidal shape. Solar Dynamics Observatory (SDO)/Atmospheric Imaging Assembly observations in 171 Å show that two coronal jets occur around the southern footpoint of the minifilament before the minifilament eruption. The minifilament eruption starts from the southern footpoint, then interacts with the overlying filament and fails. The aforementioned observational changes correspond to three episodes of flux cancellations observed by SDO/Helioseismic and Magnetic Imager. Unlike previous studies, the flux cancellation occurs between the polarity where the southern footpoint of the minifilament is rooted and an external polarity. We construct two magnetic field models before the eruption using the flux rope insertion method and find a hyperbolic flux tube above the flux cancellation site. The observation and modeling results suggest that the eruption is triggered by the external magnetic reconnection between the core field of the minifilament and the external fields due to flux cancellations. This study reveals a new triggering mechanism for minifilament eruptions and a new relationship between minifilament eruptions and coronal jets.