A majority of composition students go on to further study at graduate schools or conservatories, where they develop their compositional style and prepare works for eventual performance. Others may choose to go into a related field such as musical theatre, recording arts, conducting, criticism, arts journalism or education. Composers find work in a wide variety of areas, from advertising to scores for film.
There is a page here that outlines some possible careers in music: http://www.kenfoster.com/Articles/Careers.htm
There is information on applying for Canada Council grants here: http://www.canadacouncil.ca/grants/music/ff127245366823750000.htm
Acadia University has a comprehensive set of musical career links here: http://plato.acadiau.ca/courses/musi/callon/careers.htm