I can't see how a poor (or even middle-class) kid would derive much benefit from going to Upper Canada College where his 'friends' would all be jetting off to Europe for the xmas holidays while he goes home to his parents in Leaside. Everyone around him would know he was one of the 'poor students' and probably treat him accordingly. And when he graduated, he wouldn't have his family's connections to quietly place him into some suitably prestigious job in a prestigious company. 

Far better to try and ensure there are some good jobs waiting for those that work hard and graduate.