The same rules apply in Canada: all cell phones have access to 911 and * Numbers. All cell phone plans and landlines even have an additional fee of .50 per month to offset the cost of emergency operators costs, etc. Some provinces even apply another fee on top of the national one.
And yes, the telecom companies can isolate where you are down to within 20 meters. Soon, that service will eb available to all cell-phone companies across Canada to help assist emergency workers with the caller's exact location or to help police apprehend abusers.