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A huge factor that I don't see any comments about yet, is the exchange rate. Look at this chart of the USD/CAD in the past 3 years:

http://www.xe.com/currencycharts/?from=USD&to=CAD&view=10Y

A 35-40% swing in the purchasing power of the currency is a pretty big deal.

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This was still an issue when the currencies were closer to parity but the swing only makes things worse.

It'll never stop being an issue. You're in tech you go to SV, you're in entertainment you go to LA, you're in international criminal law you go to The Hague, you're in particle smashing you go to Europe, you're into iron ore mining you go to Perth, etc.

Countries will just blow tax money trying to change things. Focus on your core competencies.

What are Canada's core competencies? Where does it have a comparative advantage?

Potash, diamonds, gold, seal fur, oil sands. We basically dig things out of the ground and sell them to the US, it's really lame :(

You forgot maple syrup. We have even have a strategic supply of the stuff

Rocks and Trees (and trees and rocks)

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