4GMAT - Online GMAT Preparation

hey hi everyone...
my names karan and i am pursuing BE in mechanical engg i am in 4th year of my 5 year plan which ends in june 2007.
i am interested in joing some business school in canada for MBA..i ahve started with my preparations and its going at a good pace.I dont wanna wait for work experience and want to join some school who admit students with no work experience tag.
1)when is it advisable for me to take the GMAt arnd dec or earlier...
2)what are the prospects of job in canda itself after completing my degree from some mid level Bschool as top colleges dont give admissions to fresher students.
3)is spending of large amount of money as an international student worth the course there seeing in factthe mid level schools where i can go..
my profiles like this:
10th and 12th standard -80%
diploma in mech. engg with spl in welding tech-70%
degree in mechanical engg with spl in welding tech-60%+
summer training two months in a company of repute in august 2005:
gmat i have'nt taken yet bt hopefully i'll notch a gud score..

plz have a look at it n lemme know if i stand a chance in makin it there..

hoping for a response from u at the earliest i hope u'll surely end my dilemna
regards
karan