It was held at Heron Point Golf Links in Ancaster, Ontario, Canada.

[1] The tournament founded with the intention of developing it into a C$0.5 million event within five years.

[2] The prize fund quickly increased, from C$100,000 in the first year to C$200,000 in the second and C$250,000 the third and fourth, making it the richest on tour.

However, while it remained the joint richest event on the Canadian Tour, prize money dropped back down to C$200,000 in 1998 and 1999,[3] the final time it was held.

The winner of the Canadian Masters was awarded the George Knudson Memorial Trophy, named in memory of one of Canada's most successful professional golfers.