The term "engineer" is regulated in Canada, and only Professional Engineers (PE) awarded a licence by their provincial regulatory body can call themselves as such. Someone who graduates with an engineering degree is usually called an Engineer in Training (EIT), until they become a PE. The reason we regulate a specific word for our profession is because of our relationship with the public, and the ethical and safety promises engineers are regulated to commit to the them. The average person does not have the technical background to judge the proficiency of an engineer, so they must trust in their abilities and morals. In Canada, engineering is a self regulated profession designed to uphold high technical and ethical standards so that we can maintain that trust society gives us. The intention is, that when someone calls them self an engineer, you can have confidence in both their technical ability and moral obligations. To be effective, the standards of the term and definition of who can and can't use it needs to be regulated.

That being said, I normally refer to myself as a chemical engineer (not a chemical EIT). I think the distinction needs to be made when you're interacting with someone that you are offering your engineering services to. For example, when at work I would always sign my emails indicating that I was an EIT.