Toronto Yacht Club (Toronto, Canada)

While the Royal Canadian Yacht Club started out as the Toronto Yacht Club, and at that time had a red flag with a white cross, this appears to be a different club:

In 1883, the American Yacht list started to include Canadian clubs. They include both the Royal Canadian and the Toronto (leaf drawn in white).
[Scan at Mystic Seaport Museum: https://research.mysticseaport.org/item/l0235051883/16]
They still list both of them in the 1891 edition: https://research.mysticseaport.org/item/l0235051891/44 and https://research.mysticseaport.org/item/l0235051891/45 (leaves yellowish).
One would assume that in 8 years time, somebody would have noticed if the same club was listed twice.

This Toronto Yacht Club, with a flag similar to the first looks more like a re-creation than like a mistake shared by at least two publications. Indeed, looking into this further, I found Heritage Toronto mentioning that a later Toronto Yacht Club had indeed formed as a break-away from the Royal Canadian, when in 1880 the latter moved from the Toronto waterfront to the Toronto Islands.
http://heritagetoronto.org/125-years-of-the-queen-city-yacht-club
Canada's Sports Hall of Fame confirms 1880 as the year the club was founded: http://www.sportshall.ca/stories.html?proID=322&catID=all&lang=en

It would appear then, that this flag is the flag of the Toronto Yacht Club founded in 1880, still in existence in 1891 but dissolved by 1895.
Peter Hans van den Muijzenberg, 23 February 2018