For you, it probably wouldn't take too long. You should start the process now. Get your applications completed and sent to CIC-Mississauga using Buffalo as the embassy for processing. As a Canadian citizen (which I'm assuming you are based on your children), you can apply to sponsor your spouse while you are living in another country as long as you plan to resettle in Canada after the PR for your wife is issued. You can prove this by the job in Toronto, leasing an apartment, buying a house, etc.
Given that you have two kids and have probably been together for quite sometimes, your application would be pretty straightforward as far as the embassy in concerned. The decision on eligibility to be a sponsor takes about 4 to 6 weeks and then the file is transferred to the embassy where yours would probably take the minimum amount of processing time, roughly 4 months so total time for you of approximately 5 to 6 months. THESE ARE JUST GUESSES based on what I'm assuming about your relationship.
If you planned to move to Canada before a decision has been reached on your wife's file, bring a copy of the application with you to the border to show the CBSA agents when you arrive in Canada. With you and your children being citizens, it's highly doubtful they would give you a hard time and would allow her entry as a visitor. She cannot work while she is a visitor.
Here are the guides and application forms:
http://www.cic.gc.ca/english/information/applications/fc.asp#immigrateLots of reading so we will see you soon with your questions!