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Imperial 700 project
This is what I've found under a very rough original CCM Red and White paint. The Sturmey Archer 3-speed hub is dated "67".
The original Red and White seat is a Lemet made in Holland and the pedals are typical Union, made in Germany. The bearings are USA. Despite the ravages of of the better part of 50 years, there was no rust on the frame or forks. The chain guard and fenders are pitted somewhat but will likely still be in use long after I'm gone. These old bikes are a testament to the toughness of good steel.
The Imperial 700 was only catalogued in 1966 & 1967. The K-code indicates 1967 manufacture and the low number suggests it was built very early in the year. The 3 -speed version was known as the Imperial 700 Sports. Factory colour options were Mouintie Red, Electronic Blue, Lincoln Green and Golden-Glo.
All the ones I've seen were one solid colour with chromed fenders. No white outside of the fender tail and the screening on the chainguard. The slightly more economical Rambler 500 had white fenders and chainguard.
Nice clean-up. Good luck with the rest of the restoration. I'm sure the members will appreciate more pictures when it's finished.
The hub is dated February of '67. Your description meets this bike exactly. Mountie Red. The chrome fenders will come around with a little work. The crank is in great shape.
This bike cost $15, couldn't pass it up. I realize these '60s bikes are not considered rare or desperately desireable, but in the west, they are not so easy to find. You have only to compare the offerings on a venue like Kijiji, east of Sasketchewan against what is to be found in Alberta and BC. I'm not certain exactly why that is, other than the fact that Alberta was dirt poor back in the first half of the 20th Century. A lot of the streets in Calgary and environs, were dirt roads right up to the '60s. It's more likely to find interesting and better preserved vintage CCMs in the older more prosperous farming communities of the day than in what passed for urban centers in Alberta back in the '30s and '40s. Anything earlier than that is not likely to surface often. Last week I had my son pick up a fairly rough Gents bike, Rambler sort of model from the '50s. large wheels, 22" frame, coaster brake, single top tube. I should have it in hand next week. The problem is, he paid for it on delivery and now he won't give it up. I'll at least have the enjoyment of stripping it and cleaning out the rust. It's slim pickings out here and when you do find something it's always 100 miles away in any direction. In central Alberta, it's a big production just finding a set of inner tubes.