luangm, if you can get into Rotman, I'd say go for it.
Both of the big guys in T.O. are very selective for Canadian admissions and if you can get into either one, it's an incredible feat. Both have great international reputations and I think Rotman would be a good fit for you to figure out if you want to be in Marketing or Finance since their Marketing component is heavily finance based. I got into Rotman and chose Schulich instead just because Rotman's brand management courses were too finance-heavy, which I think would be right up your alley, and they have a ton of international opportunities (study tours, exchanges etc.). I wouldn't consider it "settling" at all.
I'm not sure if I'll be put on the burner for this comment, but I think us Canucks are really suffering this year as applicants because of what's going on in the economy. I think there is a huge bias to accepting Americans at USA schools over Canadians to try and rebuild - almost a buy American stance for applicants.
I think this age crap is BS. If you can sell yourself as a brand, you're in. Look at some of the best business leaders in the world today - age isn't a factor for them.
If you're desperate for an MBA, go for Rotman. It's a world-renowned school. And it doesn't hurt anything to apply.
If you're more interested in getting into a USA school (and I don't know why if you're looking to go to China), wait. One year is no skin off your ass.