As a currently serving soldier, my opinion is that at the individual and sub-unit levels we are one of the best trained armies in the world, including the US and UK. (I specifically exclude any discussion of SF here, as I have no real idea how we stack up...). I base my opinion on 30 years of service, both Reg and Res, several overseas deployments, a number of exercises involving troops from other nations, some military course time spent in the US and in Canada with members of foreign armies, and loads of anecdotal experiences from Canadian soldiers at various rank levels, Reg and Res, in most MOCs. As well, you could throw in comments and observations from various other sources like "Soldier of Fortune" or "Outdoor Living Network" (Not very authoritative perhaps, but interesting perspectives all the same...)
Our soldiers are, in general, far better trained at these levels, and this proves itself constantly when we deploy on operations or on exercises with other nations, particularly the US. A few very good examples are the high praises heaped upon 3 PPCLI by the US forces in Afghanistan, and the outstanding peformance of Canadian troops as Opposing Forces (OPFOR) at the US Army's National Training Centre. To that you could add our performance on international sniper competitions, and the victory of a Canadian armoured troop at a recent US Army Armoured Branch gunnery competition (against M1 Abrams!!!)
While other armies may be superior to us in some aspects at these lower levels (Brits are generally physically tougher, US has more money invested in training technology, US Marines are generally more physically fit, etc) no one army that I am aware of combines the same high quality human material with a pretty damned good training system (when it works, that is, and when it is funded properly). In particular there simply is no equal to the Canadian NCO: they are our "secret weaopn" and in my opinion/experience they are our saving grace. They combine great intelligence and initiative with experience and a sense of humour (and a healthy dose of sarcastic skepticism) .As well, we must learn very early in our careers to do "everything with nothing" and we become masters of this to a degree that confounds our US counterpatrs.
I am quick to admit that at the higher levels of life,(above battalion) although we have good people and good kit, we simply cannot stack up against larger and better funded armies (especially the US). There is no substitute for actually commanding real formations (brigades and bigger...) in the field on operations and our Army offers very limited scope for this. We also lack the massive firepower and logistical capability of larger armies, although we do send NCOs and officers on exchange with other armies (such as US, UK) to keep our hand in and stay aware of what's going on. For example, Canadian Army officers served (and are serving) with US forces in Iraq as exchange officers-this is not a secret. Canadian Army officers and NCOs teach at US and UK military schools.
Give me a well trained Canadian soldier, Reg or Res, any day. We have nothing to be ashamed of. Cheers.