10/20/2014 12:13 EDT | Updated 10/20/2014 12:59 EDT

Rachel McAdams, Ryan Reynolds Now Part Of Canada's Walk Of Fame

Canada's Walk of Fame immortalized a diverse spectrum of talent on Saturday afternoon.

Founded in 1998, the event celebrates individuals who've achieved excellence in their respected fields. Past recipients include Bryan Adams, James Cameron, Margaret Atwood, Wayne Gretzky and Jim Carrey.

"Canada is the greatest country in the world," Tribute host Jason Priestley said in front of the Sony Centre for the Performing Arts. "We have a lot of people we export and a lot of people [who] stay here. They are very influential and important around the world. It's important to recognize those people."

Although Priestley wished he had more time to prepare for his hosting duties, the "90210" alumnus didn't feel any added pressure to be funny.

"I'm hysterical all the time," deadpanned Priestley. "Look. The show isn't about me. It's about the people that we're inducting tonight. We have a great group. It's my job to just get out there, tell a few jokes, keep it light and keep it moving."

Among those being honoured were actors Rachel McAdams and Ryan Reynolds, Olympic hockey player Hayley Wickenheiser, rock group The Band, former justice of the Supreme Court Louise Arbour and blind musician Jeff Healey, who passed away in 2008. When it was Reynolds' turn to walk down the red carpet (which was actually yellow), the crowd cheered and repeatedly screamed, "Ryan!" The Vancouver hunk skyrocketed to fame in "Van Wilder," "The Proposal," "X-Men Origins: Wolverine" and most recently appeared in the independent thriller "The Captive," which was directed by fellow Canuck Atom Egoyan.

Dapper in a black tuxedo and blue shirt, Reynolds named fellow Canadian Michael J. Fox as a continual source of inspiration. He was also surprised to be receiving his own star at this stage in his career.

"I thought I was too young," joked Reynolds. "I guess I'm not. I'm actually older than I realized. I figured you had to be 60 and have a body of work behind you that spans six decades."

Reynolds was followed by McAdams, who looked stunning in a black and white gown. The "Mean Girls" and "The Notebook" actress was "over the moon" to be involved in the day's festivities and offered her thoughts on why Canada fosters such high-calibre talent.

"Personally speaking, I went through so many great arts programs," McAdams said. "I was part of a kid's theatre company growing up. The Sears Drama Festival. I had amazing teachers in high school. I went to York University, which had a great theatre program. The list of great art programs goes on and on."

The Walk of Fame isn't all glitz and glamour though. Both Reynolds and McAdams laughed when informed they were responsible for keeping their own stars polished.

"No one told me that," McAdams said with a smile. "All right. That's fine. I'm into that."

"I will definitely have an assortment of cleaning products ready for the city maintenance workers of Toronto," concluded Reynolds.

Photo gallery Canada's Walk Of Fame 2014: Rachel McAdams, Ryan Reynolds, Jason Priestley And More See Gallery