CBC news reports Adam Shaw and his dog, Rocky, were strolling near the North Saskatchewan River on Sunday when they heard screams coming from underneath a bridge.
When Shaw realized the shrieks came from two girls who had fallen through the ice he ran down to help them.
He successfully pulled the younger girl, 6, out of the water but her 9-year-old sister was dragged downriver by the current. After several failed attempts to get closer to the girl, Shaw encouraged Rocky to jump in and get her. Shaw then used the dog's leash to pull them out.
By the time Canada's Emergency Medical Services arrived at the scene, both girls were already out of the water. They were taken to the hospital and are expected to make a full recovery.
On Monday, Rocky's heroic acts were honored during an Edmonton Fire Department ceremony where the canine was presented with a bone.