It depends.
If you want to be a Doctor, Engineer, Lawyer, Accountant, Teacher, Nurse, or many other professions, you need a degree from University.
Community Colleges also offer excellent career training in a wide number of fields.
I don't think an eduation is ever a waste of time. Education is always a good thing.
But at the same time, I firmly believe that Canada is the land of the skilled Tradesman. A good pipe fitter, welder, electrician, plumber, carpenter, etc. etc. can make an outstanding living in Canada, in excess of many professionals. I've personally seen High Pressure Plumbers making 150 grand a year. (Now mind you, he's at the top of his game, and he's not an apprentice, however, it is possible.) I've noticed that "a lot of kids today" turn their noses up at the trades having been lead by their parents (usually immigrant parents too if I was to generalize) that they MUST go to University and they MUST be a doctor, etc. etc.
Hard work, skill, dedication, ability, responsibility, the right attitude, and yes, an education go a long long way in working towards "success" in life. Much more so than simply having a University education.