The majority of the money raised will go towards funding Canadian athletes as they prepare for Rio 2016 and Pyeongchang 2018.

The Canadian Olympic Hall of Fame Gala and Induction Ceremony took place at the Saddledome arena in Calgary following the Sochi 2014 Parade of Champions in the city, celebrating the achievements of the country's Olympic and Paralympic athletes at Sochi 2014.

Beginning in Ottawa last Wednesday (June 4) the three-day Celebration of Excellence tour saw more than 200 Canadian athletes taking part in public appearances and special events at more than 175 schools, and hospitals across the region.

After visiting the Canadian House of Commons in capital Ottawa, the tour moved onto Banff, Red Deer, Edmonton and Calgary yesterday before the Parade of Champions made its way through the city of Calgary today.

Canada finished third on the Winter Olympic medal table in Sochi with a total of 25 medals, including 10 gold, while the Paralympians also came third with 16 medals, seven of them gold.

One of those athletes to medal was figure-skater Patrick Chan who took two silver medals in Sochi and said it was important that the athletes connected with fans who provided them with such great support in Russia.

"[This is] to recognise the hard work we put in and also, most importantly, to say thank you to the fans in Canada and across Canada because they're the ones who pushed us and made us feel at home back in Sochi," he said.

"The support was overwhelming."

Speed skating coach Marcel Lacroix (left), pictured with Marcel Aubut, President of the Canadian Olympic Committee, was among those honoured in Calgary ©COC

Following the Parade of Champions, culminating at the Olympic Plaza in Calgary, celebrations moved onto the Saddledome arena where a number of sporting greats were recognised and inducted into the Olympic Hall of Fame.

Calgary native Kyle Shewfelt was honoured for his achievements in gymnastics, including becoming the first Canadian to win an Olympic medal in artistic gymnastics when he secured gold at Athens 2004.

Other athletes inducted into the Hall of Fame included Turin 2006 gold medallist, speed-skater Cindy Klassen and the Beijing 2008 gold medal winning rowing team of Kevin Light, Ben Rutledge, Andrew Byrnes, Jake Wetzel, Malcolm Howard, Dominic Seiterle, Adam Kreek and Kyle Hamilton.

Speed skating coach Marcel Lacroix and former Canada men's ice hockey coach Pat Quinn, who guided the team to gold at Salt Lake City in 2002, were also inducted.

Former Alberta Premier Ralph Klein, who died last year, was afforded special recognition on the night for his part in helping secure the 1988 Winter Olympic Games for Calgary, while sports journalist Richard Garneau was also honoured.

Current Alberta Premier Dave Hancock and Mayor of Calgary Naheed Nenshi were among a host of special guests attending the dinner which saw performances from Canadian artists including Roch Voisine, Oliver Jones, Andee, Brett Kissell, Frederic Darveau, the Whip Cream Band, Daniel Clarke Bouchard and Alyssa Reid.

There was also a live auction which helped to raise significant funds with a ski trip with Canadian Olympic moguls gold medallist Alexandre Bilodeau and a fishing trip with Canadian Olympic bobsledder Jesse Lumsden among the prizes on offer.

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