I am from Canada too!
It's never too late to teach!!!! I have used Little Reader since my son was around 17 months old. I actually used the combination of Flesch (readingbear) and Little Reader to teach my son to read. You will love Little Reader. To me, it is not just teaching a child to read. You can teach your child many other subjects with Little Reader. My son watches Little Reader downloadable contents every day. He learned about solar systems, shapes, human organs, national flags, and many more with Little Reader.
As for the Deluxe vs Basic, if you already have many reading materials, I suggest Little Reader Basic but if you are looking for more books that specially designed to teach young children to read, then the Deluxe package is a way to do.
I own Little Reader Deluxe. I am happy with it. My son likes the books too.
BTW, I am also trying to raise my son bilingually. I am the only person who speaks Thai to him while his Dad and the rest of our family speaks English to him. His Thai was almost perfect but when he starts going to school, he speaks less and less Thai. Little Reader is my lifesaver. I am using Little Reader to teach my son Thai.
It helps me alot!