If you don't see Malaysians going to Australia to study, then you must be blind.  Australian universities are saturated with Malaysians.
If you want to go to Canada, go to good schools. Otherwise, don't bother. Even Canadians do not apply to study at Winnipeg or New Brunswick, unless they grew up and stayed there throughout their lives. The academic standard is not worth your money, the location is god forsaken.

Also, if a university accepts students with just SPM, it speaks a lot on the university's academic standards and its desperation for foreign funds. Canadians only apply to university after 12 years of schooling, 13 years for those in Quebec. When you complete your SPM, you only have 11 years of schooling, SPM stuff is not quite like grade 12 but in some ways similar to grade 12.

To put it into perspective........grade 12->U0(freshman)->U1
for those in Quebec................grade 11->CEGEP(2 years)->U1
A-level, IB STPM....................SPM(grade 11)->A-level/IB/STPM(2 years)->U1.......usually U1 if you have enough advance credits.

Going straight to university without proper foundation is risky, in a good school, you will find it overwhelming, in a lousy school, it might be easier to pull through.

I would suggest that you do A-level, get the necessary grades and gain advance standing from a Canadian school. Your foundation would be likely better than than those who did their freshman courses in university.

If you are an EU citizen, you don't have to worry about finance. Also, the education there is second to none and it is definitely much better than what you would get in Malaysia.
Why would you want to do that when you can get the grades locally and then apply directly to a good school?

You would end up spending more in Canada, let alone saving money.

Assuming that you can get in with just SPM, you willl need to spend 4 years in Canada. If you do A-level or STPM, you might only spend 3 years.