Hi Calgary14,
This one is pretty close to me too and keeps me up all night, here are my views. They may all not be accurate and I would love to read some senior and experienced forumites views on this also.
I agree, Canadian recognised certifications help in getting jobs.
1) Is you NOC, regulated or non regulated? Basis that chose the certifications you need. Eg. For Investment exposed finance professionals, it's imperative that they do a course such as Canadian Securities Couse as this area is regulated and without this certification you cant practise.
2) Non regulated roles like a Manager in Transition or Projects will enhance his profile with a PMP certification.
I also feel that Canadian Recognised certifications are a must for a Public Sector Job and if you are trying the Private sector for a non regulated NOC and you have the experience and can sell yourself at the interview table, you will crack it.
A friend of mine over there told me that Degree's only help you open the institutions door and let you in. Weather you get the job is dependent of how much did you manage to sell yourself in the interview.
I would love to hear views from the experienced Canadian residents and immigrants on this.