an honours degree is usually a 4 year degree.
I assume "1st division" means "top of class", so you're probably an A student in Canada.
http://en.wikipedia.org/wiki/Grade_(education)#CanadaSo yes, in principle you qualify. But it's the university that makes the final decision.
The MBA degree probably doesn't matter much - some universities will look at it, but will not care about it.