As long as your flight is on time you should be fine. Waiting for the bags is the worst part of the transfer. If the security line is long after you drop off your bags just go to the elite entry point (on the right at YUL) and explain your situation. With the toddler they should let you through. I've done this when I wasn't elite (and didn't have a toddler) and they let me through due to a tight connection.