This was identified as a washer cutter made by the Goodell Pratt Company. As sketched, it is missing two fly cutters which camps on the arms and a centering pin.
This came out of a 1995 publication of the same name by The Tool Group of Canada. Members brought in unusual tools to see if anyone else could identify them.
The organization is still around and they have regular meetings in the Toronto area. Visit if you're a tool nut, visit their website.