Income Data has Historically Driven the Answer to This Question
It has long been argued, based on income data, that university completion is the most relevant indicator of Canada’s ability to produce highly talented, innovative people. The “returns on education” data support this argument, since university graduates, as a group, earn more, on average, than college graduates do.
This might have more to do with the initial career choices those grads are making than with where they went to school. After all, a doctor (who went to university) is going to make more than a mechanic (who went to college). On the other hand, a college-trained journalist and a university-trained journalist might still make about the same amount of money in the field.
The most notable difference between university and college is, simply put, a university education tends to be highly academic, even abstract - it teaches you how to think critically about the world around you. On the flip side, a college education focuses more on applied knowledge and hands-on learning - college teaches you how to do something in the world.
University programs are not only longer than college programs, they're also more expensive overall. Not only are you paying for an extra year or two of education, but yearly costs at a university can be double what you'd pay for a college course.
What Differences Should I Care About?
Perhaps the distinction between college and university is less important than the relevance of the discipline to the workplace, since it is relevance—along with supply and demand—that sets the market price for skilled talent.