Er, I shared a room with my brother until I was 13-14 cause that's all my parents could afford. That really stinks man, but it might be a temporary solution to your bleeding resources to take the lower paying job while continuing to look for a better one.
I'm completely not aware of the pay scales for Canada; all I've had to pull from was my US based company income history. My first real job out of University was $66K, but that was a process engineering gig for a chemical engineer at a manufacturing facility. A more typical starting salary for my peers was about $55K for entry level mechanical, electrical, and chemical engineering.
If your experience in design or manufacturing?
Have you thought about PID (controllers) and other electrical engineering opportunities in manufacturing positions? My previous corporation GAF was always in need of qualified electrical engineers for maintaining and improving plant operations and automated assembly.
I know the 40K, 60+ hour a week job sucks, but you're only two years older than me and sometimes you have to do the work to keep yourself afloat until you can find something more laid back and less of a grind. So I get not wanting to work all those extra hours and not be paid for them. Perhaps it could at least be in a field that you could apply the experience to another higher paying job? You have to have a can do attitude toward the job and the employer, otherwise they will pick up on the "lazy" factor. Which all engineers have, work smarter, not harder.
Let's focus on what you really want. If you could be doing any work as an electrical engineer, what kind of work would it be? I'm talking about a job where you would be so in the zone and so happy to be there that you wouldn't give a fuck if you worked 60+ hours a week. A lot of jobs out there suck a big one, but they need qualified engineers. Try to look at them as stepping stones to where you want to end up being. You have a lot of opportunity if you would be happy with a salary of $55K and perhaps flexible hours, there is a lot of companies that will accommodate flex time for parents.