The charitable group, known as the Never Forgotten National Memorial Foundation, announced the start of its fundraising drive Tuesday.
The plan is to build the memorial along the Cabot Trail at Green Cove in Cape Breton Highlands National Park.
This rocky headland points towards Europe and the Canadian National Vimy Memorial in France.
Leona Aglukkaq, federal minister responsible for Parks Canada, says the Conservative government supports the plan.
The group's news release did not say how much money it must raise to complete the project and it wasn't immediately available for comment.