Here's a breakdown:
* Je = I
* t' = you (informal)
* aime = love
For a more formal setting, you would say "Je vous aime" (pronounced "zhuh voo zem"). This is used when addressing someone with respect, like an elder or someone you don't know well.
Keep in mind that French Canadians often use informal language, so "Je t'aime" is the more common way to say "I love you."