The meeting, sponsored by the Canada-India Business Council and Toronto Board of Trade, was scheduled for tomorrow before the Prime Minister's departure for Vancouver.
Modi will, however, meet the top officials of Canada's Pension Fund tomorrow with focus on inviting them to invest in India's infrastructure.
"Modi will meet Canadian bank and pension fund managers in an effort to attract capital for infrastructure development," India's High Commissioner in Canada, Vishnu Prakash, said.
Canada's pension funds include some of the world's biggest investors.
"They are looking for avenues where they can get secure and safe returns over the long term. They realise India is one of the countries that offers what they are looking for," Prakash added.