I live in Canada as well, and if at all possible, I recommend NOT buying it in Canada. Considering the current exchange rate, it's way cheaper to take a quick trip down to the US and buy it at a local Walmart. I'm in the US right now and I'm planning on buying a premium before I head back as I'll end up saving about $100 (considering the exchange rates and the fact that taxes are way higher in Canada).

As for the whole premium vs. elite, I'd only recommend the elite if you have an HDTV capable of 1080p output. If not, then the elite seems like a complete waste of money compared to the premium. The extra hard drive space isn't really worth it unless you plan to download tons and tons of trailers/demos and don't want to ever re-download them.