WOWEEEEE! Great deal of information. Thanks a lot everyone.
Things are getting semi clear now... First, I know that I should stick to sRGB color space for all the good reasons mention up on top. Second, I know my printer isn't faulty cause I did a few test prints, and everything is clean and original. And third, I know my issue lies in the printers ICC profile.
I have noticed that if I use the profiles provided by Canon, then my pics have a lot of red tint. I have tried using other profiles such Red River (if anyone has heard of them!) and the red tint goes down a lot.
I also experimented with proof setup in CS2 and then printing, it has helped a lot. I just need to get the right combination of setup and ICC profiles to get the results from the printer...
Wish me luck!