Can I visit Canada for a short trip with expired L1B and L2 Visa? my wife's and my I-94 are still valid

Yes, automatic revalidation would apply, but it is important to clarify that you must be currently maintaining valid L1B status with the approved employer. It would be prudent to travel with your most recent paystubs and a letter from the employer.

With a valid I94 and your spouse maintaining the status, AND a valid ability to enter Canada under Canadian law, you can travel there for up to 30 days and return to the USA on your valid I-94

Since you are maintaining lawful status, you can visit Canada for up to 30 days.

You say that your current L visa is expired, but you don't say whether you are still in that job. You may run into some questions on the way back to prove that you are still maintaining your L-1 status. Even though there is a distinction between having the status versus the visa, you haven't said whether you actually do still have the status. The folks at the border may ask about it. Even though you techincally could travel on the I-94 in this situation, recognize that you are dealing with enforcement-minded people at the border, and have evidence that you continue to be in that job and maintain your status.