I got the same offer from U F T five months ago, I defer the offer until September.(Now I get anothe offer from U of Calagary) I don't think the special student in Meng is a good offer. Beacuse It has many uncertainties which will lead you to real dilemma. If you can't get A- in two courses(one of my friend really didn't get A-), you will fail and need to re-apply again. Not only you will waste you time and money, but also you will have little chance get another offer from U f T agaiin. Forget about it, take the offer of Waterloo!