AbstractAccuracy of the Copernicus snow water equivalent (SWE) product and the impact of SWE calibration and assimilation on modelled SWE and streamflow was evaluated. Daily snowpack measurements were made at 12 locations from 2016 to 2019 across a 4104 km2 mixed‐forest basin in the Great Lakes region of central Ontario, Canada. Sub‐basin daily SWE calculated from these sites, observed discharge, and lake levels were used to calibrate a hydrologic model developed using the Raven modelling framework. Copernicus SWE was bias corrected during the melt period using mean bias subtraction and was compared to daily basin average SWE calculated from the measured data. Bias corrected Copernicus SWE was assimilated into the models using a range of parameters and the parameterizations from the model calibration. The bias corrected Copernicus product agreed well with measured data and provided a good estimate of mean basin SWE demonstrating that the product shows promise for hydrology applications within the study region. Calibration to spatially distributed SWE substantially improved the basin scale SWE estimate while only slightly degrading the flow simulation demonstrating the value of including SWE in a multi‐objective calibration formulation. The particle filter experiments yielded the best SWE estimation but moderately degraded the flow simulation. The particle filter experiments constrained by the calibrated snow parameters produced similar results to the experiments using the upper and lower bounds indicating that, in this study, model calibration prior to assimilation was not valuable. The calibrated models exhibited varying levels of skill in estimating SWE but demonstrated similar streamflow performance. This indicates that basin outlet streamflow can be accurately estimated using a model with a poor representation of distributed SWE. This may be sufficient for applications where estimating flow is the primary water management objective. However, in applications where understanding the physical processes of snow accumulation, melt and streamflow generation are important, such as assessing the impact of climate change on water resources, accurate representations of SWE are required and can be improved via multi‐objective calibration or data assimilation, as demonstrated in this study.