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Ditch the .ca - makes me just as nervous as the .us here in the States.  Even though .biz and .info and .net get some traction - the country specific ones seem to be harder to rank for - and quite honestly very confusing. Better off being unique or finding an expired .com domain with some Alexa rank.

Thank you for your quick responses. I'm not going to purchase other domains such as xyzwebdesign.com as I'm only going to be SEOing one domain, in particular it will be xyz.ca, I do however own xyz.com and xyz.net and will 301 redirect those to the .ca. Because I'm a company in Canada I figure I should optimize my .ca,  and make that my main domain and not my .com.

The speed load of the entire is site is much more important. That, in correlation with the IP location can help you in some extent with your ranking but overall it's a small signal. My opinion is to focus on the site speed (related with your question) and I strongly believe that since both Vancouver and Montreal are in Canada there won't be a difference as far as geo location of your host. More then that if your site is fast, even if you host using a US host your ranking won't be affected. Since you have those options within Canada It's best, in my opinion, to go with the Montreal option as there is no difference as far as SEO benefit between the two options you've mention. Hope it helps !