When installing a networked printer (in my case the Canon PiXIMA iP3000) you recieve a The Specified Print Monitor is Unknown error.
While i'm not sure if this will work for everyone this is what fixed the problem for me.
1.) Enable UAC (Go into the control panel and type UAC in the search bar then follow through the 'wizard') -- restart your computer when prompted
2.) Install the printer
3.) Disable UAC