Hi, I live in Toronto and I will be doing just such a trip in a few months.
First of all, you need to consider any costs with trip preparation. This can vary wildly. As an example, in a time of about 4 months preparation so far, I've already spent $4,000. This includes a few items I thought necessary for my bike, which might not be your case. I also included in these expenses additional camera equipment, a GPS, some more camping equipment, a laptop, travel guides, maps, etc. This depends again on wether you want to spend any additional money here.
One expense to consider (unless Alberta is different) is vaccinations, and here you can easily run into about $400-$500, at least here in Ontario. Then you gotta think about medical insurance, at least an emergency policy, and here costs seem to be around $1000US/year. So, the money you spend on preparation might be less or more, depending on what you deem necessary and what not.
As for the trip itself, costs can vary a lot as Grant said. If you choose hotels/motels over camping, your costs will increase. Some costs will be pretty much fixed, such as what you'll pay at border crossings and for visas (some countries require visas for canadians). Then you also need to ship the bike at least once, from central america to south america (and I guess also back), and here costs will depend on where you ship to. I think you'll find some information here on what to expect.
As for day to day costs, some countries are cheaper than others. The US and Canada are generally expensive, but gas is cheap. Travel guides can give you some information on what the costs might be, and that's what I used to come up with a rough budget of around $10,000CAD for 11 months. However, this is a tentative budget and is heavily dependent on me camping. After the intial few months I will have a better picture.