Eventually found the same photo after googling for "Austin-Healey Sprite" "modified" "racing" "Canada".
It is apparently a 1960 Austin-Healey "bugeye" Sprite that had been modified with a fiberglass nose in the 1970s.
The photo shows the car being raced at Mosport in the 1970s driven by Tom Haubert.
I wonder if the "M" shown beside the number is for the racing class or stands for Mosport?