I think I can sum up this whole thing by saying the following:
1. If you have lived and worked in Canada the past year or two, definitely get the Option C Printout. It takes about a week or two, max (if you're in Canada).
2. If you have not lived and worked in Canada for a number of years (let's say since 2001 - in my case), there is NO POINT in providing the Option C Printout. Why? Simple. They require the most recent information, so even if you have one that dates back to the mid to late 90s, it will be pointless for the purposes of CIC. Instead, if you have been working in a foreign country, provide a notarized certified translation of your most recent tax assessment. For me, I am providing my tax assessment from 2010 because the one for 2011 has not yet been released.
It's not that complicated. CIC just wants to make sure you have not been bankrupt and have not been in receipt of government financial assistance.
Hope that clears it up.
FS