It is not a problem to have a Kindle Touch in Canada. In fact, you can order one today from Amazon Canada. Your book selection will be smaller than if you had a US Amazon account, but that's an unfortunate byproduct of geo-restrictions, and will be the same for any device. OTOH, if it's a problem, it's fairly straight-forward to create a US Amazon account and use that -- it's what I do. And I keep a Canadian Kobo account for those few books that are available in Canada, but not in the US.
You'll need to format shift between ePub and Mobi/Kindle formats if you buy from a store that isn't your native store for the device. Doing so involves stripping DRM (legal for personal use in Canada at this time) and then converting with Calibre. (There is a Mac version.) All in all, a very minor nuisance, especially since you'll likely find Calibre a "must have" application for managing your books if you have very many of them.
Personally, I'm a big fan of the Kindle, and the ease and simplicity of the interface. I've got a Kindle Keyboard, and find it almost impossible to read a conventional book any more. The Kindle has excellent dictionaries, but I honestly don't know what the situation is WRT bilingual dictionaries.