I have a coworker who previously lived in Canada (though born in Eastern Europe) who frequently uses this term to describe Canadians. (We do a fair amount of work with our Montreal office.) Lately he’s taken to using it in emails. If this is a derogatory term then I feel like I need to instruct him to cease and desist, but I don’t know.
It’s used as the name of an NHL hockey team so I’m thinking it’s most likely inoffensive, but that doesn’t always follow.