RCAF Flyboy.
Trying to talk benefits etc can be misleading without a multitude of facts. In pure salary terms they are very comparable. Obviously exchange rates will change how that appears periodically but all that matters is what you're earning in the country you're in. If it's an exchange tour then you are usually compensated over and above the salary of your host nation counterparts so it is not a fair comparison.
Canada and Britain are very different in terms of cost of living in terms of what you would spend your disposable income on. Some aspects are better in one country over another. For instance fuel is cheaper in Canada but fresh fruit and veg is cheaper in Britain. The list is too exhaustive to go into but suffice to say you will have a similar standard of living in either country. You know how property prices differ in provinces in Canada? Well it's the same in Britain. Houses are far smaller here but at least they're built to last!
The one thing you're probably not thinking about is a pension and it also needs to be considered. If you leave the RCAF in a few years you may screw yourself over since you won't benefit from the RCAF pension and you won't be in the RAF long enough to benefit from ours either. Both Air Forces pension schemes have taken a hit in recent years and long service is the key. By splitting your time you won't help yourself unfortunately.
That said you can make a great life in either place. We loved Canada (and have the option to return) and we love the UK. As long as you're happy it doesn't matter.
The bottom line is we will have plenty of cockpits for years to come and you stand a very good chance of being accepted if you still fancy it. Remember the RAF will use you as much as you use them. A QFI tick would stand you in very good stead but you're guaranteed to spend your first few years at Valley in that case. It's a bit like Moose Jaw. Some love it, some don't. Just make sure you know what you want since emigration is a costly business. The 'try before you buy' element of an exchange is priceless but there aren't many to go around.
Feel free to fire away with any other questions but since you're at Cold Lake already there are a few Brits there who are just as knowledgeable as me. Enjoy FLIT and tell everyone 'Pope' says hi.
BV