Hello

First of all, the basic difference come in the cost of both the courses. Any course in Canada (specially a course like MBA) will cost you way mor ethan it will in India. IIM is one of the top business institutes in India however completing your mbs abroad will give you a much wider perspective.

To get admission in UoT you will need  a GRE score of around 320,work experience with proof, references, two essays, and a TOEFL score of around 650 whereas for IIM you need to clear CAT with a high percentile.

In UoT you can get placed at various MNCs like Johnson & Johnson,Louis Vuitton, Pepsi-co, Amazon,  P&G, Nike, L'Oreal, Unilever etc whereas in IIM y ou can get placed at  Bain & Company ; Accenture Strategy ; Amazon ; Kearney ; McKinsey & Co. and PwC Tech  with average CTC at 30 lpa.

Lastly, it is a matter of pride to study at both the instittes however with regards to India and the insian society, studying abroad is more prestigious.

I have given you a gist of comparison. Both are equally good, it depends on what your expectations from your life are. All the best!