Named aptly because of the weird rock formation protruding from the rock face, Troll Falls is an easy 3km trail located near Kananaskis Village. Great for snowshoeing or hiking, the trail is a moderate elevation gain and the falls are worth the visit, beautiful in the winter when the water freezes to sheer ice.
Head west on Hwy 1 to Hwy 40 by the casino. Head south to the Kananaskis Village turnoff. Go straight and take your first right into the Stoney Trail Day Use Area. The trail starts just past the gates.
It's a gentle climb through the trees on a reasonably well-marked trail. There were some signs that didn't make much sense and required a little guess work to figure out which way to go but we managed and made it to where we were going.
After the short hike, head up to Kananaskis Village from some lunch and to warm up. Great way to spend a Sunday.
I haven't tried this trail in the summer but I imagine the falls are just as nice. Visit Hike Alberta for more information and more pictures.