According to the IMF (http://www.gold.org/research/latest-world-official-gold-reserves), Canada sold 1.3 tonnes of gold reserves (43.3% of its gold reserves) in January 2016. As of January 2016 Canada had 3.0 tonnes of Gold reserves and as of February 2016 only 1.7 tonnes.
Canada sold most of its gold in the 1990s with UK at the lowest price possible. Canada had 1,023 tonnes of gold reserves in 1965 the highest level recorded in its history. Canada sold off half of its central bank gold holdings by 1985 down to 500 tonnes and then was a major participant in the western central bank collusion scheme to suppress the price of gold and sold gold at fire sale prices all through the 1990s up to 2002.
If Canada kept its gold reserves of 1965 it would be today the 6th largest holder of official gold reserves.
One argument was that Canada doesn’t need official gold reserves since it is one of the largest underground gold holders.
Update Feb. 11, 2016: Since publication of the IMF report on Feb. 4, 2016 it appears that Canada has sold more gold (0.93 tonnes) and that as of the end of January 2016 it only had 0.62 tonnes of gold left (http://www.fin.gc.ca/n16/16-019-eng.asp). So that would mean it sold 79.3% as of the end of January 2016 vs 43.3% as reported by the IMF.
It appears therefore that Canada is in the process of totally eliminating gold from its official reserves. This goes against the world trend since the 2008 financial crisis of increasing official gold reserves as you can see in the chart bellow.