First, socialism and communism are NOT the same thing! Not even close.
Canada has a mixed economy, which means we have social systems to help people that are paid for by taxpayers. This includes things like education, police, fire, infrastructure and roads. It also includes free health care for all. That is our highest value in the country our health care system, and Christians support this, too. I have a friend from seminary who is American, now pastoring in a small community in northern Alberta, and he thinks socialized medicine is the best thing ever. And baby bonus checks - which they seem to be doing differently these days. Even though he and his wife and children are American, he lives on a very small wage, and is eligible for the child tax benefits and monthly child benefits too. Of course, the work he does in the community is invaluable, to say nothing of his missionary and evangelical heart.
We also have a lot of free enterprise - from small businesses to large multinational corporations. They pay their share of taxes, invest in the economy, create jobs and generally the whole country benefits from private enterprise. That works well for Canada, too.
I do think we need to care for the poor and needy and that is Biblical. An "every man for himself" type of country is not Biblical. A government that only looks after the rich, by say, bailing out banks and rich corporations, but doesn't help the poor and needy, or a medical system that bankrupts people every day is not a godly system.
I always remember reading one of CS Lewis' books. He talks about socialism and the Bible - he concludes, by saying, most Americans won't agree with him, but he thinks that the Bible's ideal of a perfect society is a socialist one, and I tend to agree with him.
So the country you live in and the propaganda you hear are things which generally influence our perception of the most Biblical system of government. I prefer to live in a country that takes a little more, and know that everyone is being taken care of, because I certainly cannot with my "mite" take care of everyone!