Well, what's your Italian like? You'll need some language skills even if the course itself is taught in English, and considerably more if it's taught in Italian. If you do want to develop your Italian language skills though that experience of living in the country for a period will help you develop them considerably - language degree students usually seem to indicate the year abroad is where their language ability develops the most due to the immersion in the language!
Canada will presumably be in English for Waterloo (if you were going to Quebec though expect everything to be French). Therefore, less of an issue from a language perspective, and probably more similar culturally in some respects - however also it may not be so different as to really be as notable an "experience", if that matters to you. Also obviously expect snowy winters (which gets pretty tiresome pretty fast - especially since their infrastructure will be set up to deal with it so you'll still have to go into uni/work/etc in the snow, which sucks!).