The truth in Canada for the majority is that if you're flying to build up your hrs then you'll be nowhere near a university and even if you were, your financial situation would not be conducive to pursuing higher education at the same time. You could try instructing in a major centre but those jobs are proving harder and harder to find I think and the cost of living is higher in those places so it still could be difficult pursuing an education.
If you pursue the flying path before education you run the risk of losing education initiative and if not positioned well career wise, you could be caught in a catch 22 situation down the road. Working at a smaller outfit with life reponsibilities (eg Family, mortgage, etc) that make educational pursuits nearly impossible and thus decreasing your chances of ever moving up.
If you're really serious about flying then I would think the best route is to try and get into an 2 yr aviation college program such as Seneca college or Sault college, etc. It's quick and cuts your costs immensely (they're subsidized), carries a significant credibility advantage that helps with getting hired at a major and provides a wide range of industry and job contacts and first rate support network.