New to diving and the disposable cameras just don’t do it for me. 
Would appreciate any advice on which camera to buy. 
Looking to purchase an underwater camera, costing no more than $300.00 (Can)
Need a good camera which gives me colorful pictures.

Canon and Olympus have housings & camera combinations which are close
to your price range. As an entry-level System you should also compare it
against Sealife and the recently introduced Sea&Sea;DX-1G.

You can try this COMBO by Mozaik Underwater Cameras : L14 - http://www.housingcamera.com/UW-Housing-Camera-NIKON-COOLPIX-L14-p/combol14.htm

You can also probably get the L12 for 20-30 $ cheaper that this.

By the way, Mozaik are based in Canada so you don’t have to deal with Customs and all.