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1) Canadians can shop at B&N provided they put in a US billing/shipping address (not necessarily one they reside at) in the account info.
2) The Kindle actually only reads 5 formats (Mobi, Topaz, PDF, plain text, and HTML if you rename the extension to .txt) on the device itself. For people who have a hardware Kindle, Amazon does offer an auto-conversion service.
The Nook may seem to read fewer formats out of the box (I have a Kindle myself, so someone else will have to tell you if you can load TXT files on without converting), but the Nook currently accepts the widest range of DRM copy-restricted formats which are available for sale, including the increasingly common ePub.
So you'll be able to buy books from B&N, Sony, Kobo, plenty of other stores, as well as use library e-books, if they're offered in your area.
Please be aware that due to incompatible file formats, any copy-restricted Sony books you already have will be unreadable on the Kindle unless you break the DRM and convert them. This is not yet illegal in Canada, and if you'd like it to stay away, you might like to contact your MP to tell them to oppose the proposed Bill C-32.
Nook accepts Sony's ADE-DRM style books without any further tweaking beyond registering it to your existing Adobe Digital Editions account.
3) Someone just posted in the Nook forum that they've had success registering theirs and the newest user manual now says that the Nook can be officially used in Canada.
Hope this helps, and welcome to MobileRead!
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