The Alberta CB bank is government funded thus it's free, but it's used for research purpose only, you don't get to say how it's going to be used. In other words, it's probably not going to benefit YOUR baby in particular. The nurse will collect cord blood right after delivery of placenta. However you must register before you are 34 weeks pregnant.
The Ontario CB bank is private, you need to pay to have your baby's cord blood stored. It's quite expensive as the total first year fee could amount to $1400, with subsequent annual storage fee of $120. The benefits of cord blood hasn't been clearly identified. Of course if you have a family of genetic disease it might be worthwhile to use this service.