Canoe Lake is a major access point for many canoeists entering Algonquin Park as well as being home to many cottages.

At km 14.1 of Highway 60 is the short road that leads to the Canoe Lake Access Point for canoe trippers and visitors. The Access Point consists of a large parking area, a Ministry office to obtain tripping permits for the park interior and the regionally well-known Portage Store. The "P-store" as it is often colloquially known, is a well stocked outfitters and canoe equipment rental operation that includes one of the few commercial restaurants available in Algonquin Park. They serve a variety of meals and offer an ice cream counter as well. A gift shop is attached offering souvenirs, t-shirts and other items for sale.

Canoe Lake is also home to the two Taylor-Statten summer camps Camp Ahmek and Camp Wapomeo, located on the eastern shore and a small island group approximately halfway up the lake from the Highway 60 access road.

Influential Canadian artist Tom Thomson disappeared during a canoeing trip on Canoe Lake on July 8, 1917 and his body was discovered in the lake eight days later.