I'm gonna be honest with you, game development is not something you should get a degree in. I've got a BS in Game Programming (same stupid mistake you're about to make) and it's not worth a dime. Take that cash and do something else. It'll probably run you 50-100k for that degree. College is expensive. The one you're looking at seems to be $6,000-$11,000 per year, the one I went to was higher but had a larger, dedicated program.
1. Take the money and invest in yourself. Do not go to college. Join the local game scene if there is one, and teach yourself gamedev. Go to a community college with some of those funds if you want a proper programming degree, but understand that NO ONE can teach you to be a game developer. It is a WHOLLY LEARNED profession, you will NOT learn this in a school. Use your funds to start an LLC and self-publish small games, hire freelancers, and generally use the money to get yourself involved with the gamedev scene as a whole. Go to GDC a few times, it'll show you the state of this industry far better than a degree.
2. Use your funds to get a reputable computer engineering degree, CS or Infosec/Netsec. Use that degree/certifications to get a big boy job for a few years and get some real experience and some solid cash. That will give you a huge edge over the other thousands of idiots applying to Bungie or Blizzard or wherever you dream of going. Live cheap, and in your free time learn gamedev using your general production knowledge and do the above option, with a focus on gamedev being a hobby instead of a business. When you've got funds saved up and some experience, apply to AAA studios for a real job. Look for entry-level or internships, and even if you're not qualified apply anyways.
3. Choose an entirely different degree and give up. It's not a bad option, to be honest. A lot of people come into gamedev here because they like playing games, but developing them is an entirely different beast.
Now, on to your specific circumstances:
Never heard of their program. Ontario isn't bad as a place, I believe Digital Extremes is up there and (despite their game) they're pretty cool developers. You've also got Big Viking Games, Big Blue Bubble, Halfbot, and Tictac. DE is the biggest, otherwise they're all small or… strange. Look them up to get an idea of what they look for when hiring. Since these guys are local, they might hire out of UoIT but really you should just call them up (or tweet) and ask. They will give you advice you can use to decide what option to take. They might even give you a tour if you're earnest and not awkward or weird about it. See if they do internships, DE probably does.
>youvisit.com/tour/panoramas/uoit/80832?module=panoramas&id=24188&pl=v&m_prompt=1
Looks like you get one room dedicated to your program.
Pics related.
My personal opinion: you'll probably have a lot of fun, but once you leave you'll be hopelessly behind and underqualified and probably in a lot of debt.