Ask the uwaterloo sub about their co-op and where there students go after graduating. And ask UofT sub about it tooo (I'm still in my final year). UofT is well known, so I Think you'll be fine regardless. (I did my co-op at a place not known for software - my job was web dev - and the job posting was posted in public online).

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I know waterloo has better co-op jobs Available (read this and some of the top replies https://www.reddit.com/r/UofT/comments/5zvz5a/psa_utscs_coop_is_extremely_terrible_worst/ <- I agree with it too).

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and then this: https://www.reddit.com/r/uwaterloo/comments/a3pb53/are_there_big_company_names_like_silicon_valley/

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In terms of career, you might, if you go to waterloo, end up with a better co-op placement and will result to a better career after graduation. But graduating from UofT is still UofT lol, it's known. (the waterloo students did say that there is a lot of competition for the good jobs and that they get taken fast).

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Overall, waterloo has better co-op jobs but more competition, so i'm guessing the better co-op jobs get taken quick anyways. Both uni's are good to graduate from. UTSC's co-op is probably next best CS co-op around the area we live.