Ken Leblanc appeared in a Calgary court Wednesday on one charge.
Police allege Leblanc threatened a city resident and claimed he was owed over $100,000 from a failed business deal.
The 45-year-old was arrested Tuesday when the Calgary police's gangs and guns unit executed search warrants at two locations.
Leblanc, originally from Ottawa, was a brakeman for Canada at the 1988, 1992 and 2002 Winter Olympics.
His four-man crew finished fourth in 1992 in Albertville, France. Leblanc was also a brakeman for the four-man team piloted by Pierre Lueders in 2002, when they finished ninth.
Calgary police said a man contacted them in July to complain he was being threatened by an individual.
Leblanc's lawyer did not immediately return a phone message.