How does the salary system for faculty in Canadian universities work?
It's actually very straightforward: the salary they list is the salary you get. No 8- or 9-month shenanigans, just what they quote. You might get extra money for teaching (extra) courses, but you don't have to find a way to pay yourself over the summer (indeed, research grant money never goes into the PI's pocket).

Other Taxable Benefits means non-monetary benefits, which might include free or subsidized stuff like memberships (e.g., to a University fitness centre). Senior administrative types (also appointed as professors in some department or other) might get all kinds of non-monetary benefits like a place to live or the use of a car.