Canada scored the game's first goal in the opening period, but Finland netted three unanswered goals to claim victory.
Tampa Bay Lightning forwards Anthony Cirelli and Mathieu Joseph grabbed silver with Canada. Cirelli netted three goals and added an assist in 10 games. Joseph had a goal and an assist in 10 contests.
Canada has medaled in four of the last five World Championships.
Marko Anttila scored the game-tying and the game-winning goals for Finland, the later coming 2:45 into the third period.
Russia earned the bronze medal in the third-place game after defeating the Czech Republic 3-2 in a shootout.
Ilya Kovalchuk and Nikita Gusev both converted their shootout attempts for the Russians while Andrei Vasilevskiy saved three of the four shots he faced and watched as another Czech attempt went wide.
A pair of Lightning defensemen helped set up the opening goals for both squads. Mikhail Sergachev unleashed a shot from the left point that was deflected into goal by Mikhail Grigorenko to give Russia a 1-0 lead 13 minutes into the contest.
The assist was Sergachev's sixth of the tournament and seventh point in 10 games.
Just 41 seconds later, the Czech Republic leveled the score 1-1 on Michal Repik's equalizer, a goal that Bolts blueliner Jan Rutta picked up the second assist on.
Rutta ended the tourney with a goal and two assists in 10 contests.
The Czechs took a 2-1 lead later in the first period on Dominik Kubalik's tally, but Russia evened the contest :39 seconds into the second period on a goal by Artem Anisimov.
Vasilevskiy made 48 saves on 50 shots and didn't allow a score in the shootout. He was named the top goaltender of the tournament after picking up six wins (two by shutout) and putting up a 1.60 goals-against average and .946 save percentage.
Nikita Kucherov failed to record a point in the third-place game but finished tied for second in the tournament for scoring with six goals and 10 assists.
