About the location
There are quite a lot of nice views around the lake. Just follow the Emerald Lake Trail and enjoy the path around the lake. You can also rent a canoe, which is a common Instagram photo theme. Renting these boats isn't cheap though, although this place is definitely a better choice for doing this than Lake Louise, which is with over 100$ per hour just too expensive and too touristic.
For photography I would definitely recommend the early morning hours or maybe even moody rainy days, which can add the perfect atmosphere to this beautiful and iconic place in Canada. Using the canoes as a foreground element is really nice and in general it's a good idea to use a polarizer and ND filters, to soften the shape of the water.
The cottage at the bridge is also a famous theme for photos, especially during the snowy winter time. Don't get fooled though by the lonely look of these photos, because there is an aparment village just behind this hut where you can stay for the night.