The Cameron Highlanders of Ottawa M.G. served in Iceland and then in Northern Europe during WWII but none of the many variations on their shoulder title seem to match this example. First, they are drab or yellow rather than red letters and, second, all the ones I've turned up n a search include 'Highlanders' andas part of the WWII title.
There is some discussion of this in the Canadian badges section of this forum and variations seem to depend on whether or not 'M.G.' was present. In addition, printed titles were used by them, apparently, for a very short time and therefore are likely quite uncommon.