Solo bike ride around Iceland

Thanks everyone! I appreciate your answers.

I am still trying to find out if, as a Canadian citizen, I need a return plane ticket just to enter the country. My government website says "yes... but don't take our word on it", the airlines say to contact the Iceland consulate, the consulate was sick with the flu and referred me to the Iceland embassy... and they were closed for the weekend! I think I probably do, which is hard because I would like to carry on to Europe if I have enough money left, or come home and get a job if I haven't. Either way, I'll have my tickets booked this week. :)

http://www.utl.is/english/visas/no-visa/

"Nationals of the following countries are exempted from the obligation to carry a visa on arrival in Iceland for a stay of up to three months in all within the Schengen area. The total stay within the Schengen Area must not exceed three months in any period of six months."

If you don't need visa - who will bother if you have return (or forward for that matter) ticket? :-)
And keeping in mind that tourists are the third most important "export" for Iceland - you are welcomed to stay as long as ... you have money :)))))