I brought my American wife to Canada a 2 years ago and it took about 11 months before she had all of the paperwork done so she could work in Canada. The conversion of your FAA License to Canadian should take less then 90 days and is just a paperwork shuffle with a 20 question test.
Be advised that when you start the process to enter Canada as an immigrant you will not be allowed to travel to Canada until all of your paperwork is done in the US. If you come to Canada first then apply from within Canada you will not be allowed to leave and reenter Canada during the process plus you will not be able to work in Canada during that time. Either will take you a good year to go through the process.
As for Air Canada and Toronto, good luck living on $37K the first year in YYZ.
I hope your wife has a good job
PM me if you want some info on the immigration process.