Toronto also has more scholarships because they have much, much more alumni. Alumni give the school money and scholarships.
UofT was founded in 1827, while Mac was founded in 1887. There is sixty years of difference. UofT currently has 63 000 students enrolled, while Mac has 18 000. If the ratios from now are anything similar to years past...UofT should have nearly four times the alumni that Mac has.
As for tuition...always take the higher amount. It changes from year to year, usually on the upwards side.
If you compare the cost of res, Mac is cheaper. A single room in the suite-style residence with an extra large, full meal plan (normally in suite or apartment style you get a reduced plan, because you have a kitchen) at Mac is 9350. This is as expensive as you can possibly get, according to the 2007-2008 prices. At UofT (St. Mike's...I don't know about any others) in their most expensive single room with 19 meals a week it's 9895. http://housing.mcmaster.ca/Residence...ions/Fees.html
Mac also provides a U-pass (unlimited bus transit from Sept-April as part of your student fees). At UofT you have to pay for your own transportation.