You can certainly get your CA designation by studying here at McMaster. You are correct that it takes 5 years with internship, but you can also do it in 4 years without internship. (Both options require the 3 additional courses the summer after you graduate).
As far as internships go, the economy is a big factor in how many positions are available. I went on an internship in the 08/09 year, but I know a lot of people this year who had trouble getting internships because of limited positions. If you're just starting out, hopefully the economy will be in better shape by the time you reach 3rd year and start looking for internships.