1

There aren't very many places to rent canoes in Banff National Park. There is Blue Canoe rentals in town that rents them on the Bow River; the others are at Lake Louise and Moraine Lake. http://banffcanoeing.com/activities/canoe-kayak-rentals/ $40 for a day? Sorry, but you're dreaming.

P.S. Note that you'll need a national parks fishing license.

2

Renting a canoe/kayak/raft is easy and cheap enough in Calgary, but transporting it could be a bit of a challenge...
Calgary Outdoor Center:
http://www.calgaryoutdoorcentre.ca/gear_rentals/canoe_kayak_raft_sup_rentals

MEC:
http://www.mec.ca/AST/ContentPrimary/Services/Stores/Calgary/Rentals.jsp

I'm not sure of anywhere in Banff/Canmore that doesn't charge by the hour, but I expect there'd be a couple if you google around.

Can't tell you where to go fishing, but there are heaps of places you can access by road the rivers and lakes and do your own thing. If you're willing to hike, then you'll never run out of options.

3

When you buy your fishing permit at the Banff park information centre, ask them about where to go.

I know people fly fish along the river east of the golf course, there's a poorly maintain road to the Rundleside Trail where there are some sand bars and other open spots. I've also seen guys in inflatable waders in Johnson Lake, which looks like a lot of fun.

I would think the Bow River runs too fast and has too many hazards like downed trees to fly fish from a canoe.

Maybe the float trips on the river are more around Calgary than Banff/Canmore

4

Thanks everyone. We are staying in Canmore, so hopefully we can find somewhere along the river that we can fish from the bank or something.

5

The links above for MEC and COC are the best bet for rentals.

Plenty of holes and riffles along the Bow below Canmore. Drive the 1A highway west towards Exshaw and just pick a spot to start. High fast water is an issue until early July, depending on spring melt and rain. After then, waders or shore fishing are fine.

Trophy fly fishing is in the Bow from Calgary mid-city and downstream. Many people offering float trips on this stretch.

Back country fishing used to be great at Fish Lakes, if you want to try a 3-4 day trek, but I haven't been up there in many years. Access from Banff-Jasper highway near Bow Lake (check trail guides for route instructions) and the Mosquito Creek campground. A strenuous high altitude trek over North Molar Pass. You should be quite fit. You might see grizzlies here (I have!).

For a day's excursion by vehicle, take #1 east out of the mountains, #40 south over Highwood Pass to #940 junction (the Forestry Road). Downstream from this point are several easy access points for the Highwood River on your right. Particularily productive is the spot where Cataract Creek joins the river from the south.