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Nook will have more functions. Kobo is very basic.
However, last I heard, B&N didn't ship Nooks outside the US, so you'd either have to make a cross-border shopping trip or have it re-shipped to you. And most of their e-book selection is officially unavailable to Canadians, so you'll have to set up your account with a US address (need not actually be yours).
I'd say that the Nook potentially has a wider range of e-books available, since it supports both B&N's own special DRM and the standard ADE-DRM.
But most of the books in the B&N store can be gotten elsewhere, usually at the same price or even cheaper, since Kobo often has discount coupons which work on most books for Canadians, circumventing the Agency 5 cross-store price-fixing that often goes on in the US and now UK stores.
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