"The importance of the university is the connections you make there. It's all about networking. Toronto does not compare with the Ivies here. Academcially in many departments Toronto may very well be better than Harvard. Harvard though opens more doors. Ask George W Bush who has an MBA from Harvard."
George got his connections through his family, not his - ahem - studies. The fact that George got in, and completed a graduate degree, demonstrates the real worth of Harvard my friend.
But, I have to agree with one of the other posters that the question is far too broad - are we talking undergrad or post-grad or professional schools? There is a long list of strong Canadian universities from coast to coast - the ones with the broadest reach might be Dalhousie, Toronto, York, McGill, Queen's, Windsor, UofAlberta, and UBC.
The fact that none of our universities require Canadians to have families who can dole out $100,000 for a degree is also a distinct advantage when it comes to the real world applicability of the answer.