Most of big musky lures, except for bulldogs, would requite an up-to 3-4 OZ rod. I haven't seen any of those at Canadian Tire. There are a few cudgels there, but I don't imagine them to be suitable for casting, forget this. Bass Pro at Vaughan Mills has a few Muskie stalls and there are couple pretty cheap rods (up to 49.99) pretty short and allowing required lure weight. The next option there is Muskie Angler staring at 139.99. It's much lighter so you would feel the difference. I bought one and tried - works great.
For Bulldogs you have to go with 3-8 OZ choices. I havent seen anything ccheap in this category around. JB fishing depot is probably the best place I've found here if you still want to spend on a exttra heavy rod
Reels - true, you need a baitcast for heavy jerkbaits. I've just bought Abu GArcia Ambasadeur SX for 89.99 or so - trial run went excellent. If you don't want to deal with casting reels, I guess you can compromise using spoons, spinner baits and lightweight jerkbaits with some appropriate class spinning rod..Not a classic approach, but will also work..
I am still sure one day you will end up spending 200+ bucks on the right musky setup if you plan some regular fishing multiple seasons. It will open you much wider opportunities...