Commissioned at Kingston on November 28, 1944, she was the last RCN corvette to enter service. She arrived at Halifax late in December and remained there fitting out until February 10, 1945, then proceeded to Bermuda for work-ups. On her return Smiths Falls was assigned to EG C-2, Londonderry, and made her passage there as escort to convoy SC.171 early in April, the first of three crossing before the end of hostilities. She left Londonderry early in June for the last time, and was paid off July 8 and placed in reserve at Sorel for disposal. Sold for conversion to a whale-killer, she entered service in 1950 as the Honduran-flag Olympic Lightning, but was sold to Japanese owners in 1956 and renamed Otori Maru No. 16. She last appeared in Lloyd's list for 1962-63.