Yes, you can transmit and recieve on all 3 bands.
The freq. allocations for amateur radio are the same in the US and Canada.
This radio would probably be way overkill for what you would need Chris.
All you really need is a 2m rig or maybe a 2M/70cm (VHF/UHF) which should only cost $200 to 300 depending on brand.
A good place to shop for radios is
http://www.ntfc.ca/index.htm In NE calgary. just like everything else it is always wise to shop for the best price. They are usually very competive with their pricing.
Matt is in the right ballpark with his band info.
In the 3 bands there are certain frequencies you are allowed to transmit on.
VHF You will generally see communications around 50 Mhz (commercial) 144 Mhz (2m) 136 to 174 Mhz for commercial, Some ham around 220 Mhz but very under used.
UHF commercial 403 to 430 and 450 to 470 and ham stuff around 70cm (you figure out the freq
) Cellular, iden, LTR trunked radios are in the 800Mhz area I don't believe there is much amateur communications in that range. There are some data radios (spread spectrum) used at 900 Mhz
The UHF band is 300Mhz to 999Mhz anything over 1000Mhz (1 Ghz) is technically a microwave.
The HF I don't do much with, i know there are freq's used around 8-10 Mhz and I guess CB's at 27 Mhz are technically HF, but are not usually refered to that way.