There are risks. I mentioned at least one that has already come up in the questions, which is that prospect of what happens when Canadian businesses try to compete in the U.S. market.
At a consumer level, their direct interaction with their ISP should not face a non-net neutral approach. It certainly should be the case that my service and your service at home treat all content equally. Where Canadians—and I would argue this is true for people around the world—will ultimately feel the pinch of this is where new services and new opportunities perhaps fail to emerge in the United States because they're simply unable to get off the ground in a really effective fashion due to their inability to pay for that fast lane.
What that system does for the benefit of the large carriers is really preserve the winners today at the expense of potential new innovators tomorrow.