As a Former Police Officer in the Greater Victoria area, as well as Alberta I will give you the following information.
A Prohibited weapon is one specifically named, or a category specifically noted in the definition of Prohibited Weapon in the Criminal Code of Canada, or as proclaimed by Order in Council. Most of you will not be running afoul of this as most of the categories of prohibited weapons that pertain to knives are not readily available for purchase in Canada. This said, switch blades, balisongs and the like are in the prohibited category.
Where you are more likely to have a problem is in the area of a Concealed weapon. For knife purposes, the maximum blade length that can be carried "Concealed" is 4". So any folder or standard pocket knife, boot knife or the like that has a 4" blade or less is not a Concealed Weapon by virtue of it's blade length. However, under the definitions of Concealed weapon, anything that you conceal and use as or threaten to use as a weapon is a Concealed Weapon under the criminal code, be it a knife, a screwdriver, a roll of quaters or your favorite toothbrush.
You can carry any size knife or sword you wish, so long as it is not concealed. You will get looks and you may be stopped by the police and asked why you are carrying it around. But it is not illegal to do so and unless you use it in a threatening manner, or in a manner that would fall under the other definitions I will mention, they have no right to confiscate it.
Where we run into problems at times, is in the individual officers definition of "Concealed". I often carry a Cold Steel VGrande 6" folder, in my pocket with the clip showing. I do not define this as concealed and the few officers I see regularly do not consider this concealed. However, if the clip were covered by my coat...it's concealed.
The other place we can have problems is the charge of "Possession of a Weapon Dangerous to the Public Peace". This is most often the charge that is brought into play when the police wish to remove a knife or sword or the like that would otherwise not be considered illegal under the Prohibited or Concealed definitions. A Weapon Dangerous to the Public Peace, can again include anything, baseball bat, hockey stick, or even your boots. For this the officer must have "Reasonable Grounds to Believe" that you have some intent to use the item as a weapon. This does not mean that you have used it, or even threatened to use it, but where the surrounding circumstances would lead one to reasonably believe you "may" use it as a weapon. This is where basically keeping it out of sight and not "playing" with it in public will cover your butt.
In truth, the weapons laws in Canada are very vague, and actually quite loose, so long as you don't get flashy. The thing to remember about the Criminal Code and Orders in Council and any other laws of prohibition is this. If it does not say it is illegal, it is legal. Just keep in mind the other laws that can come into play such as the definition of Weapon and the Dangerous to the Public Peace.
I know this is long, but I hope it helps.