License Conversion
 

I hold an ICAO license with a B747 rating and i would like to obtain a Canadian license. I am told that the process is simple.

i get my license validated every 6 months with a fresh PC and Medical. Can my Canadian license be validated on the basis of the other license??

For a Cdn license, you will probably have to do 2 ATPL written exams, and 2 flt tests (comm, +multi-IFR). Don't know about the re-validation based on another license.
I suggest you try the Transport Canada website: www.tc.gc.ca and search there. There should be a listing of licensing req's, and email address's, so you can ask them your question directly.

Licence conversion
 

No, that's not the right procedure.

You have to:

Get a Canadian Class I medical
Do 3 written exams. The IFR exam and 2 ATPL exams.
Do the Multi IFR Flight test. May do be done on a sim ride or in a light twin.

For a better breakdown with links to references goto:
http://www.harvsair.com/training/con...index.htm#atpl

Licence Conversion
 

For the record, I believe the validation must be done in a Canadian registered a/c with a Canadian certified examiner. I'm not sure how sim training works for that.