$700 CDN is roughly $434 US at current rates. A TDI'er here in Houston recently had a TB change, and I quote from his e-mail "Total bill was $398 that included the exterior belts, TB and tensioner". Another TDI'er a couple of hours west of me would do the timing belt for $150 (US) labor plus parts (and I don't have the parts cost).
Appears that $700 CDN is probably about right for the dealer to do the work. Unless, of course, my CDN/US exchange rate math is totally off base.