Good analysis. It should be noted that the Nortel divisions did not disappear, and are alive and well in Ottawa under the names of the acquirers. Ciena, Ericsson, Avaya have all done well with the teams and business that they bought. In many cases they have grown their staff as Ottawa is a good place for talent. Huawei, Apple, and others have moved in to access this world class talent as well.
Also, your SRED analysis is only correct for foreign or public companies… The actual rate for a CCPC (Canadian Controled Private corp.) with under $3M in R&D spend is 35% federal refundable credit… Plus 55% overhead on the salary. Actual cost of $110K R&D salary = $39,243.