I'm going to have to go with everyone else.
FIRST thing I have to say though is IT CAN BE DONE. However the caveat is that you'll have to settle for used stuff and possibly lower quality stuff on that kind of budget.
Pantac/Phantom will probably be your best bet as far as this kind of stuff goes. It's still a China clone but the quality is there. A full setup of a Pantac vest + pouches will probably cost you in the area of $200-250.
Also think about it. You don't need "real" stuff since it's not like we're going to war or anything but there still is a kind of a minimum requirement on quality. Don't be buying some cheap crappy $20 vest that will break within the first hour of use or within a few days of use but you don't need to be buying stuff that's made for the real world.
So working with your budget here I could probably suggest this:
Vest: $150-175 (Used with a some pouches so you don't have to purchase many more)
Then you've got ~50 to spare, I'm assuming here you already have things it would be pretty reasonable to expect from a Canadian like hiking boots and stuff like that. If you could give us a list of what you'll think you need we could help you budget for different pieces of gear.
ಠ_ಠLess QQ more Pew Pew
READY TO >> RACE