The win was Schwarzrock's first on the Canadian Tour. He was a sponsor's exemption this week.
He fired a 10-under 62 on Sunday, while Smith, one of the overnight co- leaders, shot a 63. The pair finished regulation tied at 24-under-par 264, which blew away the rest of the field by eight shots.
Spencer Levin, the tour's leading money winner and a third-round co-leader, only managed a 1-under 71 on Sunday. He finished alone in third place at minus-16.
Jason Hartwick posted a three-under 69 and took fourth at 13-under 275.
Defending champion Wes Heffernan (72) and Andres Gonzales (64) tied for fifth at 12-under-par 276.
Justin Snelling (71), Dustin Risdon (67) and Matt Bettencourt (70) shared seventh place at minus-11.