Where abouts are you in Canada?
I'd be very concerned about rust up here. Look very closely at all of the fenderwells, the inner fenders where they bolt to the tub, look under battery trays on the core support, look at the tailgate, and where it's hinges attach to the tub. Also look very closely at the rockers / rocker boxes, floor pans where your feet sit, and also along the windsheild frame.
Other than that, make sure that the PCM isn't throwing any codes, and that the transmission shifts well. Don't want any slipping out of it, and the lockup should be working. You can test it by lightly touching the brake pedal just enough to make the brake lights come on while travelling in O/D, the transmission should unlock and increase the engine speed 2 - 300 rpms.
Check the steering on the truck, make sure neither the steering links or the ball joints have any noticable slop in them while turning the truck's wheels sitting on flat ground. Make sure that the tires are in good shape, and if you get the chance, take a look the brakes as well.
When road testing it make sure you cold start the engine, put your hand on the side of the engine to make sure it isn't warm already, you want to listen for knocking / ticking when it first starts up. Driving it around feel for pulls / slop in the steering, and any vibrations.
Of course, you're bound to find some things wrong with it being such a cheap truck, but take everything in stride and make sure you know exactly what you are getting into with it before you shake anyone's hand. If you are looking for a DD, be a bit more stringent, if you are looking for an off-road only beater, you can probably put up with a couple more problems.
Just remember that it may be cheaper in the long run to buy a $5000 K5 vs a $1000 K5 after you factor in the cost of all the repairs it may need.