It doesn't mention any particular reason for the education on the website.

I'm at least a little glad it isn't a requirement to hold a degree or diploma.

I'm assuming this is simply an empty requirement to weed out people during application. That said, if a few very intelligent hacker types who never went to college had successfully achieved all of the other three requirements, then I'd see no reason to deny that application.

I'm pretty sure this rule also extends from my countries intense fascination with secondary education.

See: http://newsfeed.time.com/2012/09/27/and-the-worlds-most-educ..., https://duckduckgo.com/?q=canada+most+educated+country