That could take a couple of days. The current experience in Canada is that financial institutions generally provide consumers with provisional credit, so they put the funds into your account on the day it's deposited. It is therefore then proprietary whether or not they implement a hold on those funds. In many cases, consumers are allowed to draw on those funds. It all depends on what the financial institution's policies are.
On March 22nd, 2007. See this statement in context.