There's been a few matters that bugged me in Canada. When I finally figured out the root cause, they always were high-level policies. From poor-decision making? Perhaps.

Canada is a cold country. It must incentivize the best more than the states to move to here. Let's assume that's not a factor!

Canada admits anyone as an immigrant. It is not a merit-based system. It is a point-based system.

Lets consider ad-hoc tech jobs first: The Canadian companies have access to a large pool of people with 10 years of experience in SQL from a new immigrant, willing to accept low-pay because he is just starting out. So the entry level jobs don't exist for new grads. The brilliant new grads never make it up the ad hoc ladder. The move away at a young age.

High-tech jobs require a community willing to hold foot in Toronto geographically. The VC's appear to not be interested. Why do they think they can't compete with the States? Because the VC must trust the high-tech community first. Those in spotlight are not the types of people I trust. Not the UofT researchers, at least not all of them. But why would they lie? The universities in Ontario is a place of business first, then whatever research means, then science and facts. We researchers notice it. Those who are capable, and have clear conscious move. They never move up the spotlight ladder here.

Why is it a place of business? Let's assume all north american universities are. To the rest of the world, are led to believe that Canada is effectively United States. So a degree from a Canadian University is worth a lot in the far east, for example. They will also learn English. They pay less, and you know, Canada has successfully marketed itseld as the friendly country as opposed to United states. So they come here to study. For a master's degree from top ten American schools, you have to apply and get in. You can walk into a master's in Canadian school if paying out of pocket. Now their homeland psychology replaces Canada with America on their degree. The universities here are filled with incapable students, and professors who have to deal with them. Still, this doesn't explain why we can't trust the researchers.

The Universities need grad student TAs to be able to keep their international students. The university will not pay the TAs properly, because it is a business. The TAs went on strike three years ago. The university of Toronto blinks its public relation powers to make it look like TAs are being paid 50$/hour, because that's how they worded their contract. All gimmicks, facts are that it is common for international grad students to make the bare minimum. See if you can find the actual number of their website. I'm not willing go browse it. At some point it was less than 14000$/year, from all sources of income combined.

Now here's the stupidity? part. The question mark is not there by accident. The grad students are not allowed legally to work other jobs. If they do, they can be fired. This law is set by the ontario university presidents, sitting in a room deciding it together back in 80s or 90s, and it has been in effect since. Here's the next stupid part. No one can setup an part-time job/internship system that works for graduate students, because it is illegal.
They actually allow grad students to work 10hours per week in other jobs. You'd say that's great, but TA counts as a part of it. So let's say the grads go to the media to create a public outcry. The university can respond with facts that they can work 10hours per week. The grads have to explain a whole complicated thing to the media. But why would the public really care? These are international grad students, from third world countries, making a lot of money, living in downtown Toronto. For all the public cares, they think the grad students have it good. The companies interested in these talent pools cannot hire them.

Onto why the researchers can not be trusted: Canadian grad students who have it much better and have access to better funding, view these international grad students as friends. These students didn't come here for money, they came to study, to do research, to hopefully meet other same-minded individuals. But they are being mistreated. What's the cultural problem here? Many major american companies grew out of universities. You need trust and a community to do that. I never saw that here, particularly among internationals. Another major factor is that networking requires money, very little money, exposable, maybe 10$? and of all the random networking incidents, 1 in 60 has a chance of great success? That's 600$. Why would they get on the subway and go to a meeting they don't know who is there, to just pay for a drink? Or worst! Dinner. Money is a major barrier between the poor and the affluent. Our society is designed to be that way. And when international grads have no money to network, they must amp up their work to be heard.

So the quality of their work falls. The student accidentally writes up what he's done, or maybe makes up data because he isn't paying attention, or because he is mistreated and doesn't care, etc etc etc. He just wants to finish the degree requirements. The professor has no way to know. Specially where theory falls short, or even worse, where the professor gradually gets more misled about what is going on in their lab. So now the professor fails to get new funding, because nothing really works in their lab. But they need funding, and the new child is on the way. One last paper for tenure.

So the VC's learn via their own ways to be much more skeptic of what the researchers say. The Ontario system makes its education money. The grad students never get together to create the next Apple, they never remain here and never truely feel at home. They will move somewhere else if they intend to start a company. Those who remain and build a tech company, can identify other good tech people, it is mt expectation that they keep their companies out of spotlight.
That is why there is no high-tech well paying jobs in Canada. If there is, it is rare, or it is not advertised. If if is advertised, it is even more rare, imagine how many apply. There is no system that allows for a tech career here. Either you are a bright person who can make your own flow, or you are an outsider. There is zero shortage of talent here, despite the poor pay. The problem is stupidity?.

The point-based immigration, the fact that Canadians are portrayed as friendly Americans, is the problem. I sometimes have this possibly wrong impression that Canadians remained conservative because of the immigration laws. Some immigrants learn that people in toronto are nice, but it is only the surface, even with each other. Perhaps it's just me? I have not experience this level of distance with any other culture I've come in contact with.