"they pay similar taxes as we do in the US in terms of taxes as a % of income" ... where "similar" translates to a, what, 40% later "tax freedom day".
"so not only is private healthcare not illegal [in canada]" ... but it is. IIRC, a few years ago, Ontario ran out of the province an american company who wanted to open up a subscription-fee-based very quick access to new family doctors. (There is quite a shortage of that in most areas here.) No can do - says the Canada Health Act - the government must monopolize that industry, and we citizen-units aren't permitted to pay someone else for anything that the System provides. They couldn't even start up.
"their system is cheaper and more effective and of a higher quality" ... the grass always look greener on the other side. There are ways in which the canadian systems work better, and ways in which they work worse. They are certainly much less libre and not gratis either.
"people don't go bankrupt from getting sick"
Look, bankruptcy is not even the worst thing that can happen to a person. Going untreated is worse. Paying taxes for health care, then finding out that one's condition isn't covered ... having to beg/threaten invincible government bureaucrats who get to make such rationing decisions ... complaining to newspapers how OHIP or whatever is letting Poor Kelly die ... taking up collections from public so Poor Kelly can travel to the States for treatment. This really happens here in the Great White Up.
Adjust your reality filter accordingly.