Bracebridge Falls is the town's front-door sight, a broad cascade on the North Branch Muskoka River just below the Silver Bridge. It is not wild in the backcountry sense: the dam, bridge, and power station are all part of the scene. That actually makes it more interesting, because the falls show how Bracebridge grew around the river rather than away from it.
The views from the bridge and riverside paths are quick and easy. Come after rain or during the spring melt if you want volume; in midsummer the setting is still pleasant, but the power of the falls can be more modest.