Just going on what you've said, and what I know of schools in the UK and U of T, I would recommend U of T.
As I understand it, with few exceptions, the funding for doing an MA in the UK is very poor, if any at all. Conversly, U of T typically offers at least some kind of funding to students they accept. That being said, money isn't everything. It's good to avoid sending yourself into serious debt if you can avoid it, but ultimately money shouldn't be the deal-breaker, unless all other things are equal.
Also, as you said, and I think you're quite right, U of T has an excellent reputation...definitely more so than SOAS. If you plan on looking for a job in academia, or doing a PhD, reputation is an important thing to consider.
But the most important thing to think about is how well you'll be able to conduct the research you want to do. The more you can contribute to your field, the better. I know you said U of T's department doesn't focus as explicitly on what you want as SOAS, but keep in mind that you're expected to do a certain amount of independent research that will allow you a considerable amount of freedom. U of T doesn't need to already have a department that's heavy on what you are specfically interested in; they just need to be supportive and capable of proper support for you an your interest(s).
Sooooo, all that being said, I would lean more toward U of T.
Either way, best of luck!