This is a lesser known fraternal organization known as the Canadian Order of Chosen Friends. I’m in no way an expert on this organization, but I’ve come across references to membership in the COOF while researching Freemasonry in Canada. They were primarily a mutual aid society that members contributed to in exchange for death/disability/old age benefits. They eventually transitioned into a traditional life insurance company based out of Hamilton, Ontario.

The Cyclopaedia of Fraternities by Albert Clark Stevens, 1899 is accessible online and provides an overview of the organization.

The motto suggests this is a seal for the "Canadian Order of Chosen Friends". It was a fraternal benefit organization -- like the Independent Order of Odd Fellows -- that provided benefits to its members including life insurance and pensions. The Brock University Archives have an example of one of the organization's certificates of acceptance and initiation, which also sets out the benefits that would be paid to the member's widow in the event of his death.

You can see an example of a lapel pin with a similar design and the organization's full name here. The organization ultimately became the Reliable Life Insurance Company.