Ok, to clarify a few things:
1. Yes, Canada does have university sport. Most of the major universities belong to the CIS. There is CIS x-country and indoor track, but no outdoor track - most Canadian universities wrap up in mid April - there's still snow on the ground in many parts of the country - thus, no outdoor track.
There is also sport at the college level in most, but not all, parts of Canada. Generally speaking, the two year schools and small universities/colleges (e.g. under 3000 students or so) belong to the CCAA. The CCAA has x-country running only in Alberta and Ontario - no track.
2. Athletic scholarships are available in Canada, but they are small - generally up to the amount of tuition at the very, very best. Undergrad tuition at a publicly funded school is generally $6000 Can (about $5000US) or less - you can go to college in some parts of Canada for $2500 tuition or so.
It's possible for athletes to get other scholarships (i.e. kinda of like the Ivy Schools and Div 3 which don't give out athletic scholarships per se) which can cover costs over and above tuition.
3. Some universities are affiliated with clubs, so it is possible to train with your age group, high school, university, and post-university coach in some cases. Moreover, some university programs allow you to train with your club coach and still compete with the university team.
4. No it's not big business like NCAA; in my mind, there's still a better balance between school and academics in Canada than there is in the US.