Canada are coached by England's Damian McGrath, the former Samoa coach who was appointed in October and described the tournament win as "incredible".
Canada were beaten 35-7 by Fiji on the weekend, something they described as a turning point.
"We had a little bit of soul-searching, and then we came back and beat some of the best teams in the world," McGrath said. This will show that Canadian rugby has so much to offer."
Veteran Nathan Hirayama, his country's top sevens point scorer, told CBCSports: "A lot of us have been on the scene a while and we came through some dark times, but to come away with that win was special."
The team had been stripped of high performance funding, after failing to qualify for the Rio Olympics, but had been on a run of quarter-final appearances. Canada scored just their third win in 36 clashes against New Zealand, when they won the quarter-final.
The All Blacks Sevens beat South Africa 17-12 in the playoff for fifth.