In terms of the timing, see this other question. More generally speaking, quite often airports will list suggested connecting times. Munich says 45 minutes minimum for transit if you're changing terminals, so doubling that should be fairly comfortable.
In terms of your luggage - I would expect them to check your luggage through, and for there to be no need for you to see it again until you get to Canada. For your own peace of mind, just doublecheck when you check it in. They should be able to tag it all the way to YOW.
You will need to pick it up at YYZ, and return it to be put on your connecting flight after clearing customs.