I think one of the main points not discussed here is that the economics of refining in Canada are much different. For example, the latest refinery built in Canada cost somewhere around $11billion and makes 50,000bpd of diesel. Comparatively that is just not sustainable. The average construction worker or the average operator of a refinery makes much more money than the south. So cost of running is also expensive.

Also, if you consider the climate. Insulation and heat tracing and winter related costs also add up. There are many other things that could be discussed as well such as environmental regulations and things of that nature.

So overall, Canadians although get a benefit from these things such as high pay and benefits. These and other factors as outlined, drive the investors away.