What's more important, well that would require some vision and intestinal fortitude from pollies...good luck with that!
Concerning SAR, Canada along with other Arctic allies have a joint responsibility for SAR. Canada's abilities Ito meet our obligations in this area are appalling, limited ice breakers, too few helicopters, and ancient FWSAR aircraft. The FWSAR component is being addressed by the the less than ideal C-295 (RCAF preferred the faster and longer range C-27J). However the basing of major aviation assets is in southern Canada for the most part. The transport of CH-149s (and CH-148s if they ever reach FOC) via C-17s is a time consuming process and ferrying them is a lot of wear and tear. Some should be up north. The V-22's range, speed, and VTOL was perhaps the best choice but economically was a bridge too far.
The RCAF recently received a new fleet of CH-47s. They do need a new utility helicopter fleet and if we are to go to Mali the army should have Apaches. The RCAF operates helicopters for both the army and navy. The RCN has been waiting for decades on the SeaKing replacement. Only 11 out of 28 CH-148 ordered have been received and they are presently grounded due to a flight computer issue.
NORAD and NATO are treaty obligations. The former is the excuse junior is using to justify his interim Superhornet purchase. Other than the 2% GDP spending on defence, Canada will likely keep NATO happy for the rest of this decade. After that, I see problems. The real question marks for Arctic and Pacific commitments are programs for replacing our P-3s and Victoria class subs. Given the ballooning costs of the CSC ships and the eventual fighter replacement program I am very concerned we will have no sub replacement and some kind of Mickey Mouse P-3 replacement will happen instead of P-8s.