Legally?
If it is permissible to make a right turn from the lane that you are waiting in (e.g. 1 lane in each direction - no designated left-turn lane) then make a right followed by a U-turn or turn around in a driveway. U-turns are legal in Ontario unless either prohibited by a sign or if there is obstructed visibility.
If there is a lane to the right of you then to legally make that right turn, you have to back up and then go into the right lane, then do the above.
Reality on questionable grounds ... get off the bike and go press the pedestrian crosswalk button. I've heard that this is technically illegal on the grounds of parking/stopping/etc in a traffic lane, but as long as that light is red, you are not going anywhere anyhow, and if there is no one around, where is the cop that is going to give you a ticket for that ... particularly if he understands what is going on, and even if you were to get such a ticket, an explanation to the prosecutor in court is likely to get it tossed. Done it many times, never had a problem.
Just waiting and waiting, then going across on the red, is begging for trouble from that cop who just happens to come into view on the cross street at the moment that you do it.