The most significant difference between Probation and Parole is; they are conducted with different types of supervision. It can also be explained:
1) Probation is for Provincial Inmates.
2) Parole is for Federal inmates.

Parole

Parole is a form of release granted by the Parole Board of Canada that allows offenders serving sentence in Federal custody to serve a portion of their sentence in the community. In Canada an inmate can only be granted parole by the Parole Board of Canada (PBC).(Unless the individual his/has served their entire sentence which is 2/3 of the time given, at which time he/she will be on parole until their warrant expiry. Once the individual reaches their “Expiry date,” they are no longer on parole.

The PBC has the authority to grant or deny parole and they do this on a case-by-case basis.

The Parole Board of Canada has access to and can review all of the files on record and in possession of CSC. Plus they will read and have access to any and all information the inmate and or his/her loved one, support or victim statements. These information and others are used to assess an inmates suitability for parole. Other considerations are:
Criminal history
Threat to public safety
A host of other factors

If parole is granted, the offender is assigned a community Parole Officer.
The Parole Officer will assist the offender with the transition into the community.
The offender will be on parole until the sentence is completed (until their Warrant Expiry Date).

Probation

Probation is handed down by the court and allows the offender to be supervised in the community for a specified length of time.

Parole is tied to a prison sentence, but a Judge can order only probation for an individual (or order an individual to serve jail time and probation after the jail time is completed).

For instance, a Judge can order an individual be given probation and not a jail sentence.

A Court Judge makes the decision regarding probation, not the Parole Board of Canada.

Once the Judge makes his/her decision, the information is given to the “Probation Office” that is under the umbrella of the The Parole Board of Canada. They will implement the Judges order and take additional facts into consideration, including:
Correctional plan
Support letters
Behaviour within the institution
Correction programs taken.

The above information can also be requested by the Judge in a procedural undertaking called “pre-sentence report.”