The market is definitely looking like a value proposition at the moment.
To lower your risk I recommend that you make a series of purchases over a period of time to avoid market timing risk. Don't want to be the guy who bought Nortel for $50 because it couldn't go any lower, before it went down to 65 cents. I would avoid putting all your eggs in the TSX. It is heavily weighted in resources/commodities and financials, and while those have shed a lot of value lately, it's risky to expose yourself so much to one industry.
If you don't want to pick stocks and you're looking to invest for the medium to long term, look into index funds, or as someone else suggested, index ETFs (exchange traded funds). These options earn you a return without fund managers taking a couple or three percentage points off the top for themselves, and follow the market, which tends to outperform other mutual funds on average anyway. If you seek the advice of a financial planner, treat them like they are trying to steal your money--double check everything they say, and ask for second opinions. Many are working mainly to earn commissions. Index funds/ETFs also let you 'set it and forget it' if you don't want to follow your portfolio on a daily basis.