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From my opinion the best way to do it and from my experience with this is: 1. Set the .com domain up with content targeting a global audience. 2. Leave the .ca domain up with content targeting the Canadian audience. The .ca domain will rank better in Canadian serps over time. But it comes down to budgets and what you want to do from a resources point of view, If you can not potential run 2 sites then yes do a 301. You would also need to map out the 301's cross site you may loose some anchor text value too. With a 301 re direct you will loose rankings, it may be for a few days or a few weeks but once the uptake happens, in my opinion you may loose some ranks in the .ca rankings if you have competitors with the country level TLD and you now have the .com I have seen it happen time and time again.