The University of Waterloo’s co-op program is a major pipeline into big tech. I’ve worked with Waterloo interns and graduates many times and they’ve all been well above average.
But you've picked one of the most prominent schools in Canada as an example. A good example would be somewhere that isn't already extremely prestigious.
Canada isn’t like the US. Canadian universities expand. They don’t have anywhere near the degree of difference in prestige an American thinks normal.
Also, seriously, Waterloo is one one of the most prominent schools? Most Americans don’t know it exists, never mind have an opinion on how prestigious it is. I know it has a fantastic CS programme, with coop every second semester and that is the sum total of my knowledge. That’s a lot more than most people know.
