I'm a bit dated, but I believe it is still "done", so to speak. I know of at least one Strathcona Sr NCO who is an example of a direct transfer and had another WO (former 15th/19th KRH) work with me a long time ago.
Essentially, and I could now be wrong here so take this with a grain of salt, they went through the "recruiting" system. However, they were granted equivalencies for various Armoured courses (as progression is similar) and basically came straight across once that was sorted out - keeping Canadian equivalent ranks. The Directorate of Army Training (DAT) is the final approving authority, though, and there is some bureaucracy involved. There's also the "permanent resident" citizenship business to be sorted out, but that's a separate issue.
Doubtless there are others with more current info than I have on the cavalry side, but hope this helps.
Cheers,
TR