Wow. I was in the exact situation you were in. U of T gave me a generous offer. Waterloo gave me bupkis, except admission. U of T was close to home so I would be able live at home, and be able to afford it. With Waterloo I would have had to work for 6 months to save money for first year, and then work part time during school to afford the rest.
I was an arrogant little bastard and didn't want to settle for U of T. So I picked Waterloo.
It was tough, but I still think it was one of the best decisions I've ever made.
Keep being an arrogant little bastard when it comes to getting the best for yourself and never settle. Never ever settle!
I think one of the tragedies of post-Waterloo culture is that it is not entrepreneurial enough. This is ironic given RIM is such a Canadian success story; but remember Lazaridis technically dropped out! I have far too many friends that graduated from Waterloo and are allowing large (albeit successful) employers to milk the best years of their lives. Consequently, I highly expect them to all be just another employee for the rest of their lives.
On the other hand, you have the U of T with MaRS (http://www.marsdd.com) situated across the street from it helping smart people commercialize their work.
I was an arrogant little bastard and didn't want to settle for U of T. So I picked Waterloo. It was tough, but I still think it was one of the best decisions I've ever made.