I think large media insitutions should totally run their own servers, but I think there is a role for lots of other orgs to be running servers across so-called canada.
Not sure if you have followed #cosocial, which has set up a canadian community services coop both to provide an instance for Canadians but also to be an anchor org around these types of conversations: https://cosocial.ca/ is the instance and they are collecting annual dues on open collective: https://opencollective.com/cosocial
disclosure: I'm a coop member!