GMAT

Hello Nikhil,
You have got enough time to prepare for CAT & GMAT.If you want to get into IIMs, one thing you can do is practice with complete dedication. Know your weak areas and practice more n more. It is very essential to understand time management. For that , make practice papers with your timer on.
and
If you want to do MBA from outside India, CAT isn't going to be useful. However, not all MBA programs require GMAT. Some are fine with GRE. I've heard some MBA programs don't even require an entrance test if you satisfy some other requirements such as CFA Level 3 cleared. Also, all MBA programmes outside India require at least two years of experience.
Good luck!

Hello Maulik,
Yes, GMAT is required for most MBA programs in Canada. It is also one of the most important criteria for admissions. If you are planning to study in a Canadian business school, you must score high in this exam.
Note:
For international students, GMAT is required not just for admission to the MBA program but also for student visa. Your chances of getting a student visa are weakened if you do not take the GMAT, even if you have an admission from a business school.
This is because the visa officers assume that the student is not serious if he/she has not taken the GMAT.
TOEFL:
This is required for admission to almost all MBA programs in Canada. It is a fairly simple exam for most students who have studied in English medium throughout. The minimum scores required for most universities range from 550 to 600 on the paper based TOEFL and 213 to 250 on the computer based TOEFL.
IELTS score is acceptable to most business schools instead of TOEFL.