Short answer. Yes, unless you have a ban from possessing a knife or lighter. Assuming your record is clear it's not an issue. There is no law regarding maximum length in Canada. There are laws regarding minimum length if the blade is inside another object. A 24" blade in a sword cane is not illegal (see point 3, COPS), but an 11" dagger in a cane would be. The law is designed for prohibiting things like lipstick knives or hairbrush dagger. Our laws are stupid with regards to knives
Criminal code of Canada Section 84(1) definitions
prohibited weapon means
(a) a knife that has a blade that opens automatically by gravity or centrifugal force or by hand pressure applied to a button, spring or other device in or attached to the handle of the knife, or
(b) any weapon, other than a firearm, that is prescribed to be a prohibited weapon;
Longer answer. Depends
1) If the blade can be flicked open, WITHOUT pressure on the blade (using only a wrist flick and not touching the blade, recess or thumb stud then it would be technically illegal. If you can flick it open then it would fall under centrifugal force and is banned. The irony is that assisted knives, like my SOG Flash2, are legal. Because you need to open the blade to a point before the spring accuates, it's not an automatic. I said our laws can be stupid.
2) If you purchased it in Canada, the pivot was probably tight enough that flicking it open was impossible out of the box. But if you loosen the screw or it wears it might fall under point 1. But at that point you can at least argue wear and not modification. So you're still okay, possession-wise
3) Regardless of the fact that it is legal, not all COPS are that smart, rookies are the worst. Let's assume that you're just showing it to a friend and a cops sees this. If you can flick it open, and a cop sees you do this, they make start to ask questions. The questions can be leading you to give them grounds. I'm not saying all cops are like this but some are power-tripping, and some are bored. I GUARANTEE YOU, one of the questions will be," Why do you have that knife?" There are many correct answers, work, cutting boxes, "a boy scout is always prepared"... The is one very wrong answer
UNDER NO CIRCUMSTANCES IS YOUR ANSWER EVER "SELF-DEFENSE". By saying that you made the knife a weapon instead of a tool. You can be charged on the spot because you admitted it was a weapon. I got into a scrap while carrying my knife in my bag years ago. No bid deal, they put it back. Then the cops scream at me holding my penlight 'WHAT'S THIS FOR?!!!!" I swear he was trying to set up a penlight as burglary equipment, even though burglary had nothing to do an argument outside a bar. My knife wasn't a big deal to them but my penlight was?
4) It can also be treated as a weapon if you get into a physical fight. Even if you leave it in your pocket and only punch the guy once!!!! This is the way our laws are written. You didn't use it as a weapon but had it on you during an assault, it's now a weapon to the (Crown)prosecutor. The irony is that if you were being attacked and used it to save your ass, it wouldn't likely have a charge. You are allowed to defend yourself in Canada, but you're not allowed to prepare yourself. I said our laws were stupid. Don't get in a stupid fight and you're fine.
So as long as it doesn't open without touching the blade, you have a reason to carry it, and you don't get in any stupid situations you're fine