Vita games are region-free.
As PSP backwards compatibility is limited to PlayStation Store only, you can't really import PSP games. You can set up a Japanese account and download what you want from Japan (be it Vita, or PSP games) but you can only have 1 PSN account active on a Vita at a time. So, say you put your Canadian account on your Vita first, and then login to your Japanese account, anything you downloaded on the Canadian account will be unplayable until you login back to the Canadian account. You'll obviously need either a Wi-Fi or 3G connection to switch accounts. IIRC you may actually have to do a memory card reset on Vita after account switches. It's a bit aggravating.
What's worse is that Canadians won't be able to do that account switch on the fly anywhere as the 3G model has been confirmed to not be released in Canada until after launch. Sony blames our mobile phone operators, and I blame them too.
Here's memory card prices (and for some games, memory cards will be required to boot):
4 GB $19.99
8 GB $29.99
16 GB $59.99
32 GB $99.99
There's also a First Edition bundle:
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US Bundle:
3G/Wi-Fi PlayStation Vita ($299)
4GB Memory Card ($19)
Little Deviants ($39)
Case ($14)
Price: $349
Canadian Bundle:
Wi-Fi PlayStation Vita ($249)
Little Deviants ($39)
Case ($14)
Price: $299
Best Buy Canada was actually offering Rewards Member promo where if you preordered the First Edition you'd get Uncharted: Golden Abyss ($50) for free.