Simar and Gill,
I have few opinions also which i would like to Share.
1. Cost and Living Statndard
I think that whatever the UN Survey says, Canada is a much better place to live:
A. It is far more secluded than UK on the globe and more peaceful also. And also it is much bigger which may not mean much to some but means a lot to Punjabis who are used to living in open spaces and houses with yards.
B. Canada is much lesser involved in whatever is going on in the world and that means in turn that your kids are much safer in Canada than in UK.
2. IT Telecom sector seems to be performing better right now in UK so a good option is to come to UK----after all what is £150/- assuming you will be claiming Sal Points

. Then apply for Canada as well. This way you may start working in a more compareable market and then later you may choose to move to Canada. You will be going to North America with UK Experience and better money (Hopefully) to settle. And if you have integrated well into UK then may be the PR Card from Canada can go to the Dustbin.
As far as the rest of the EU is concerned, it may be good for those who speak their languages. I am assuming that English is the only language you know apart from Punjabi.
3. Processing Times are becoming better for Canada. It is better to apply and then think about slow processing times than not to apply and later realizing that processing times fast or slow "I must have applied". Policies change also. You better be fast than right.
4. facial Discrimination is far more rooted in EU (Specially UK) than North America which has eveolved under more etninc diversity than EU. Aslo it just ocurred to me while watching D-Day Transmissions on BBC) that the phasing out of the generation whcih manipulated the MahaRajas of Indo-Pak is not yet complete. I am not saying that this descrimination is evident on the side walks in the streets but I am sure that it exists in Board Rooms and Blue Rooms and Green Rooms or whatever they call them. In NORTH America you can grow as much as your ability takes you but in UK you can grow with some unwritten caps on growth. Thes limits may be sufficient for you but tomorrow your kids will grow too.
All in All i think Canada is much better but nothing wrong in trying UK also. You will be at the least and hopefully "ECONOMICALLY ACTIVE", if you know what I mean.