Thanks a lot everyone... I was surprised to see the overwhelming responses.... Thanks  a ton for all the valuable advices... There were mixed responses and I could see that its not always a cake walk to canada or australia.... The life would not be as easy as its in the Gulf.. But we cannot deny the fact that we cannot stay in the Gulf permanently.

From all the suggestions here....I could come out with the following conclusions:

Canada : 

Merit :

1. More Job Opportunities.... As it is near to the US, we can work there also.

2. Style of Living is good.

Demerits:

1. Its too cold out there.. Below zero degree... Cold Climate makes people dull hearted...

2. Far from india.

3. Tax is there..which is there in all the western countries

Australia:

1. Job Opportunities are there for IT professionals... but may not be as good as US... If u dont find a job there in Australia....u cant go to a neighbouring country like in Canada..

2. Climate is Excellent....

3. Close to India...

I dont know if both these places have some kinda racism....

Yeah from everything I have heard Canada just seems a lot like Australia but with an accent

Oh some say Austrlia have sun and beaches while Canada have ice and snow..................