Canada captain Alexis Lafreniere recorded two goals and an assist, Sasha Mutala struck twice and goaltender Taylor Gauthier stopped all 16 shots he faced to lead Canada to victory.
"Being able to win the gold medal on home ice is something I'll cherish for the rest of my life," said Alberta product Kirby Dach. "It was an awesome feeling and we have a bunch of guys in there just happy to win a gold medal."
Like in Canada's semifinal match, the opening period of the Hlinka Gretzky Cup final was illuminated by red lights.
Mutala was called for tripping 37 seconds into the game, granting Sweden their first power play of the night. The visitors didn't take long to make good on the opportunity.
Just five seconds into the man-advantage, Lucas Raymond walked in from the point and wired the puck far corner on Nolan Maier to give Sweden the early 1-0 lead.
Undeterred, the Red and White tilted the ice their way following the goal, outshooting their opposition 8-1 but failing to convert. It was Sweden, however, who would double up on their lead, scoring on their third shot of the game.
Alexander Holtz zipped up the right wing and roofed the puck short side over Maier's shoulder. Maier, who allowed two goals on three shots, was pulled following the goal, as Andre Tourigny put Gauthier between the pipes.
"He brought a lot of confidence to our team with his energy in the net," said Tourigny of Gauthier. "He made a few key saves in the second period and I think that was a game-breaker for us."
Down by a deuce, Canada responded with three unanswered tallies - getting markers from Mutala, Dach and Lafreniere - to take the lead.
"They scored two quick goals but we just kept working," said Lafreniere.
First, Bowen Byram curled up the left circle and released a wrist shot that Mutala tipped past Swedish netminder Hugo Alnefelt at 12:14.