I love Ultraman!
Since I'm sitting up here in the bottle city, I've become quite familiar with Canadian comics...
Although there were earlier versions (like 
Iron Man), the first superhero that can be said to be distinctly Canadian was 
Nelvana of the Northern Lights.
Nelvana was also the first female superhero --beating Wonder Woman, et al into print by several months.
Created by cartoonist 
Adrian Dingle, Nelvana was inspired by actual native myth.  Her magical powers of flight and transformation gave supervillains, spies, and tyrants a hard time during World War II.
The strip also had its share of 
romance.
John Byrne Alpha Flight heroine Snowbird was supposed to be the daughter of Nelvana.
Other strips like 
Johnny Canuck and 
Canada Jack. 
Since the war, the most successful superhero has probably been 
Captain Canuck, but there have been 
many more.  I'm sure older posters like India Ink might have more to say on the subject.
Genis has already discussed some 
Italian superheroes here and there.