Taylor Lake is a classic hike near Lake Louise that presents plenty of ways to recreate as it's also a popular spot to go backcountry skiing or snowshoeing in safer terrain. However, what we recommend most is the summer hiking trail which leads to a wonderful subalpine lake.
The approach is a little boring as it's largely in the forest, but we've never found it to arduous. Those after more of an adventure should head up towards Panorama Ridge and the meadows that sit below the ridge. They are spectacular area with astounding natural beauty. The lake, meadows, and ridge are a hot spot for larches.
Taylor Lake is popular in the summer months so the parking lot often fills up. This is especially true in the larch season, so be prepared to arrive early on weekends. If you plan to hike up or snowshoe in the winter be wary of downhill skiers returning to the car park in the afternoon.