I'd like to know if it's possible to reduce the amount (I've read its from 2000-10 000$) , as i am a student and financialy challenged. I struggle to make ends meet, having this put on me is something out of a nightmare, but its a reality. Also I'd like to know if I am facing any jail time, and contacting a paralegal is a option I should opt for the long run considering the situation.
Speeding is an "absolute liability" offence, meaning if they prove that you committed the offence, you're guilty and the only defence you have is "defence of necessity," which means there was a serious (pretty much life-threatening) situation that required you to go that fast. Defence of necessity would not apply to your case, though. Absolute liability offences cannot have imprisonment, according to the Supreme Court of Canada.
Realistically, you're looking at a 15-60 day licence suspension and a fine of $2000. That's a lot of dough. Keep your receipts for the towing and impound fees, some Justices have requested to see them and have lowered the fines below $2000. One defendant that was convicted of stunt driving paid $45 in fines, but don't get your hopes up for that.
Contact a paralegal and get help through them. That's your best bet. Going it alone on this sort of charge, unless you are very experienced with Provincial Offences Courts, is very risky.