After careful consideration I have decided that I let enthusiasm get the better of me and would like to partially retract my statement "Aside from that all but the most committed republicans would not mind receiving a knighthood all that much (indeed I expect most would prefer one, even if they may not want to admit it in public "
Clearly that is an over-generalisation, and there would of course be people of all stripes who would for various reasons not want a knighthood (or an Order of Canada for that matter). I would however, maintain that the majority would not particularly mind knighthoods, and would be happy to accept one, even individuals who are not committed to the monarchy. It may take a few years but the public would get used to knighthoods, similarly to how the public got used to not having (many) knighthoods and how the public got used to the new flag etc.
Also unlike the flag, the honours system is something which relatively few think about. Canada could completely abolish the honours system entirely and almost everyone would just go about their day as if nothing had happened.