Toronto police said the goods, piled on 146 skids, were found Friday in Brampton, Ontario, the Canadian Broadcasting Corp. reported.
Police were busy taking inventory before returning the items to the Salvation Army, the network said.
"We commend the Toronto Police Service for what appears to be timely progress in its investigation and wish it continued success," the charity said in a statement.
"Further, we very much appreciate the response of individuals and companies that have stepped forward with donations at our time of need."
Salvation Army spokesman John Murray had previously said the apparent theft was discovered in August.
The Salvation Army fired the executive director of its Ottawa warehouse this month after an internal audit found $240,000 was missing.
A police investigation into the matter is under way, the CBC said.