ColdNorth, I know it's not the perko switch as I managed to rule that one out. As lilfoo2225 said, when I whack it with a wrench it fires, so I'm pretty sure it's the starter or a component within it. I'm going to go with Wakejunky and replace the starter contacts, rather than the entire starter. I figure a $40 fix should be ruled out before I drop $680 CAD for a new starter.
Wakejunky said the replacement is a piece of cake and I hope to hell it isn't as complicated as getting to the starter in the first place.