No, the Colbalt is a better option in Canada for day to day spending (not just my opinion - get over to reddit and look at the r/churningcanada subreddit, or redflagdeals).

Now - you could take the upgrade, then apply for a colbalt in a couple months again, thus gaining the bonus points twice, and closing the amex gold before the next annual fee hits; but you should look to see if the amex gold bonus at the moment is more points or has a cashback option from one of the cashback applications. That's how to maximize the value here I would say.