I'm not sure it would be the same grief in every case. There are going to be pluses and minuses for incorporating in any particular jurisdiction, and you would really need to consider what your strategy is overall. In some jurisdictions, for instance, the deposit insurance level is higher than it would be under this bill. In some provincial jurisdictions, the powers are greater than would be present under federal legislation.
However, if you're incorporated in a province, you can only expand within that province; you can't expand across borders. It really comes down to the kind of strategy you wish to develop and the trade-off you make between the various advantages and disadvantages of one corporate level over another.