The majority of my best IRR investments have come out of the Canadian microcap space, despite spending 90% of my time looking at things outside Canada.
Yellow Media, for example, traded at a 200% FCF yield after their December restructuring in 2012. You could have done some very easy math to figure out that they would be debt free in a few years and had two solid high ROC businesses, one growing and one shrinking at a manageable pace.
Axia Netmedia was probably written up on this board before, and was dirt cheap on a very simple thesis. It's more than doubled since then.
There are still things on the TSX that cheap, but most are in the energy space now. But you can find them if you try hard enough. The institutions here definitely don't.