The problem I have with Fox News North is that it is an endeavour that was started/pushed by Harper to further his political agenda. Any news channel with such direct connections to a politicial party requires greater scrutiny because it brings in Elections Canada to verify that it isnt a political party advertisement.
The "Fair and Balanced" issue becomes important when a channel declares itself to be aligned with a specific political party/philosophy.
In terms of CRTC, stations who change their vocation risk losing their license. There have been a couple of radio stations in Québec who got into a lot of trouble because they changed their vocation on air before filing for such a change with CRTC.
If SunTV changes from an entertainment to all-news format without CRTC process/approval, it stands to lose its licence. (And forget about any CRTC ruling forcing carriage on all cable systems).