A CTV Edmonton crew shooting footage of the pond for a segment about ice safety captured the moment McIver followed Cosmo's path and ended up in the freezing water with the canine.
The footage shows McIver and Cosmo fall through the ice a second time before successfully reaching the shore.
McIver said he did not need to stop and think before taking action.
"As soon as the ice broke, I just went right in," McIver told the TV crew. "I think most people would do the same for their dog."
"It's a split-second thing," McIver said moments after emerging from the pond. "You're not just going to let him die, right?"
A photo posted to Twitter shows McIver and Cosmo warming up after emerging soaked but uninjured from the pond.
McIver's rescue was far more successful than a similar attempt made by an Illinois woman after her dog fell through the ice of the pond behind their home.
Cathy Medernach and her dog, Bailey, ended up needing to be rescued by firefighters after Medernach tried to save the dog from the frozen retention pond behind their Aurora home.