At least you are not biased.
It is always hard to tell when dealing with Canada because the federal government doesn't fund sports or funds them minimally and this leads to top athletes passing on national team spots.
The last time they played each other in the Olympics however was 2000 (in Sydney btw) and the result was:
So you were clearly wrong that day.
Australia always puts out a fine national team because sports development down under is institutionalized and first class all the way, but Canada has much more depth in the game and many more Canadians are playing pro overseas or on full scholarships to division one schools in the States than Aussies.
this link shows you a list of all the Canadians playing in overseas leagues, and gives you an idea of the depth of the talent pool. I dont think Australia can come close to matching it:
I will say that since Sydney Australia has had the better national team, and until Canada changes its policy towards sports the national team will be peaks and valleys.
The guys never practice together (a big country and no one will fund their stay in a city so they can all be together) and they never gel. Sad but true.