Just to clarify a couple of things that have been said earlier:
In an emergency the pilot in command may act as necessary to ensure the safety of the aircraft and its occupants. There is no requirement to actually declare an emergency before you act to save the aircraft, even if you are in controlled airspace and have to break the rules to do so. (CAR 100, et al)
CAR 20.6 Section 3.2 specifically allows the pilot in command of an aircraft with an engine shut down, to proceed to an aerodrome of their choice rather than the nearest suitable aerodrome, if they deem it safe and operationally acceptable.