Try Fusion 2.0 - Thinprint drivers and color printing

The /etc/ directory is hidden by default. You can access the directory using Terminal (if you're familiar with using it), or if you use the Finder menu Go -> Go to Folder, and type in /etc/cups/ppd/

You can copy the .ppd file for your printer to your desktop, and attach it in your response, so we could look at it.

Yep - the PPD files didn't have the ColorDevice property. I added the lines *ColorDevice: True and *DefaultColorSpace: RGB using a text editor, which should hopefully fix them.

First, make a backup copy of the current files in your /etc/cups/ppd/ directory. Then download the files I attached and move them into /etc/cups/ppd/, overwriting the existing ones. You may need to restart your VM and your Mac for the changes to take effect.

Afterwards, try printing from both the Mac and the VM, and if something doesn't work right, you can restore the backup copy you made.

Try removing the automatically added printers from Windows, and restarting. They should be re-created again, hopefully with the correct color capabilities.

I had the same problem, this method worked perfect with my Canon MX700 and VMWare Fusion 2.01, great fix, many thanks.