Canadians may be well-known for their low-budget takes on well-established TV franchises, but in the case of "The Amazing Race Canada," CTV and Insight Productions are certainly forging a new path.

The winning team of "Amazing Race Canada" won't just win money. "The Amazing Race Canada" prizes include, in addition to $250,000, two Chevrolet Stingrays and free travel (up to 10 trips) on Air Canada for a year -- in executive first class. The U.S. version of "The Amazing Race" has traditionally awarded $1 million, usually with the opportunity for teams to win cars at some point during the Race, but the free travel is an award that's distinctly Canadian. Teams will also be competing for special pit stop prizes with details to be announced in the coming weeks.

"Teams will need to bring their A-game in a race for one of the most lucrative prizes in television and largest in Canadian television history," said Phil King, President, CTV Programming and Sports. "With the stakes now raised, we can't wait to see how hard teams will push themselves to cross the finish line first."

Added John Brunton, Chairman and CEO, Insight Productions: "This is all so exciting. The stakes are real, the grand prize is eye-popping, and I fully expect teams to lay it all on the line from the start of the race to the finish line."

Set to premiere on Monday, July 15 at 9 p.m. ET/PT, "The Amazing Race Canada" drew application videos from thousands of Canadians. The show will provide a uniquely Canadian take on the original series, with competitors discovering the world within the borders of Canada. We're still waiting on a host announcement.

With the knowledge that most Canadians have not travelled beyond their own province, "The Amazing Race Canada" gives Canadians the opportunity to race around Canada and discover the country they love in a once-in-a-lifetime adventure. Teams will race to the finish line, criss-crossing up to 9,000 kms. A stunning depiction of the Canadian fabric, the teams will travel through the country's urban centres as well as the most remote outposts.

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  • Team Gaysian (Toronto, ON)

    Best friends forever and partners-in-crime for 14 years? We'd watch them.

  • Team High School Sweethearts (B.C.)

    A couple that can make you laugh out loud by playing pranks on each other would make for a fascinating team.

  • Team Squamish (um ... Squamish, B.C.)

    These lovebirds' hairstyles and back-story make them winners already.

  • Team BodyBreak (Ontario)

    Recognize these two? We can't imagine a better team for 'The Amazing Race.'

  • Team Fight City (Toronto, ON)

    If this couple can kick each other's asses, then the other teams wouldn't stand a chance -- at least physically.

  • Team Fire Medics (Lethbridge, ALTA)

    The quality of this video alone should earn these guys a place on the show.

  • Team Cronyn Twins (ON?)

    These two camera-friendly brothers would be a smash hit.

  • Team Eric & Matthew (Mississauga, ON)

    OK, these dudes are nerdy and hilarious.

  • Team Lipstick Librarians (GTA, ON)

    Having travelled across the entire country, Hayley and Lorraine may have a leg up on the competition.

  • Team Trent & Kelsey (Kelowna, B.C.)

    A brother and sister team never fails to entertain. All that family history and stuff.

  • Team LeVangie Brothers (Frankville, N.S.)

    Finally, some East Coasters! These guys are triple threats: TV vets, jokers and problem-solvers.

  • Team Pastor & Policeman (Toronto, ON)

    What an odd pairing! Watching them infiltrate City Hall is pretty entertaining, so they'd probably be great on the show.

  • Team Frye Brothers (Collingwood, ON)

    Whoa, things got all scientific on us there -- but seriously, these identical twins certainly have an impressive stunt résumé.

  • Team Jenn 23 & Steve (NFLD)

    They're right. This show <em>does</em> need a couple for Newfoundland.

  • Team Emma & Liane (Ottawa, ON & Calgary, ALTA)

    These two friends have travelled together all over the world, so we think they're well-suited for the tribulations of the race.

  • Team Léger Brothers (Bolton, ON)

    The cuteness of the matching T-shirts does us in, every time.

  • Team Mallory & Brandon (Lindsay, ON)

    The epic one-hand clap and humming, together. Beautiful.

  • Team Sherman Twins (ON)

    Bonus points for the baby photos/videos, boys!

  • Team Mitic (Unknown)

    One brother has prosthetic feet (with some very impressive athleticism), and the other brother wants to use the Race to bond. All together now: awwww.

  • Team Blonde (SASK)

    It looks and sounds freezing, so kudos for actually making this video. Very cute!

  • Team Luke & Greg (Victoria, B.C.)

    #WhatTheHeckGreg (User Submitted)

  • Team Green-White Dynamite (Vancouver, B.C.)

    We are Kevin Green and Christine White -- cancer-conquering cycling crusaders Kevin is a banker who finds enlightenment and inspiration from business and motivational books, and Christine is a voice/piano teacher and model who likes to play MMORPGs. (User-Submitted)

  • Team Alex & Josh (Edmonton, Alta.)

    The Amazing Race Canada audition video for the Edmonton based Bromance of Alex and Josh. Watch out everyone, and remember to Fear The Bromance! (User-Submitted)

  • Team Ham & Mike

    (User-Submitted)

  • Team Shara & Peter (Victoria, B.C.)

    (User-Submitted)

  • Team Diana & Mallory (Saskatoon, SASK.)

    Mallory and Diana are co-workers from Saskatoon Saskatchewan that bonded over a love for witty banter. (User-Submitted)

  • Team Jen & Alanna (ON)

    (User-Submitted)

  • Gill and Val (Toronto, ON)

  • Team Alan & Graham (ON)

    (User-Submitted)

  • Team Stanton & Alayne (NS)

  • Kristina Linden and Luca Patrk (Vancouver, B.C.)

  • Matthew and Gina (Toronto, ON)

  • Chris Shulgan and Chantel Guertin (Unknown)

  • Team Married to Twins (Unknown)

  • Team Brando; Max and Me (Calgary, AB)

  • Team Pilwon & Siwan (Toronto, ON)

  • Team Ex & Next / Erika & Cari (Kitchener, ON)

  • Team Tim & Charlene / Father Daughter Combo (ON)

  • Team Shir & Rachel (Unknown)

  • Team Simon & Nick

  • Team Jono & Tony (Bracebridge, ON)

  • Carrie & Tricia (Waterloo, ON)

  • Ryan & Eric (Unknown)

  • Team 'Positive' / Heather & Deb (Oshawa, ON)

  • Team West Coast Besties / Nicole & Laura (B.C.)

  • Derek & Saya (Toronto, ON)

  • Team 'Book Sisters' Michelle & Charlotte (Unknown)

  • Team Mike & Chris (Calgary, AB)

  • Team 'PEI Twins' / Arlo & Leon Sutherland (PEI)

  • Phil & Caly (Jasper, AB)

  • Team 'Dulude Bros' / Clint & Kevin (Ottawa, ON)