Hi Guys,
I am recently studying my Bachelors in Management Studies in India willing to apply for MBA in Canada.So i wanted to know that whether for MBA in Canada do I require 12+4 education because currently after my graduation I will only have 12+3 education status.

You will need a fourth year. This is why so many Canadian schools have one year diploma courses to allow international students to top up.

So in case of Diploma course IELTS or TOEFL as proficiency exam will suffice for the admission ?

Those are not academic diplomas.

Can you give me details about these Diplomas or provide me a reference where I can read about these diploma courses?

Let me Google that for you https://www.bing.com/search?q=postgraduate+diploma+management+site%3A.ca&PC=U316&FORM=CHROMN

There's some previous discussion on this topic here:

https://find-mba.com/board/americas/is-15-years-of-education-a-problem-in-canada-now-51363

It seems that at least a few years ago, some had more flexible policies on the education requirement.