The Euclid math contest, organized by the University of Waterloo, is a challenging competition for high school students in Canada, specifically designed for grade 12. Participants are advised to review past competition problems available online to prepare effectively, as the test covers a range of topics learned throughout high school, not just Euclidean geometry. Students emphasize the importance of understanding current math material, particularly in geometry and discrete mathematics, to perform well. Scholarships may be awarded to top performers, making the contest significant for university admissions. Overall, preparation through practice tests and grasping the curriculum is crucial for success in the upcoming April 19 test.