This decision rests solely on whether your parents will pay for Cornell.
Nobody here can know that.
I have no idea whether they can afford it and it sounds like you don’t either.
Apply to Waterloo. If you get in for Fall 2017, before May 1, you need to make a decision. If you don’t get in or don’t hear back, then you might as well deposit at Cornell. If you hear back later then there is a decision to be made then.
Losing a whole year because of poor planning is like loosing a whole year of post graduate salary, which around here (Boston) is like $80K-85K US. Ouch!