Turtle Jack's Port Carling
Great place for a drink on the water (although they don't stay open too late)
At the cottage
The best nightlife is found at cottages on the lake hosting weekend socials/parties. (Note: Muskoka generally shuts down pretty early, as people go to cottages to escape busy city life.)
Sawdust City Brewing Co.
One of the best in terms of the quality of their beers (they also have a great space in Gravenhurst)
Clear Lake Brewing Co. &Muskoka BeerSpa
Great brewery close to Bala. Clear Lake has its brewery, which is a great atmosphere. But it also has the "BeerSpa" which is a place that people visit or stay at for the day to relax and enjoy beers