There is no difference between having an Alberta license or an Ontario license. You go through the same procedure. The only time it's an issue is if you already have an Ontario license and you're trying to use an Alberta license.
How you decide to proceed is ultimately your own choice.
Don't assume you're going to get a break at 49. You haven't disclosed any details. Your speed and the speed limit in that area would be a factor in any offer.
Ontario will treat you no different than its own drivers. If convicted, you will pay your fine. If you decide to go back home and ignore it, don't bother returning if you plan on driving. You will be driving on a suspended license.
Alberta will likely have a reciprocal agreement with Ontario. What happens next is up to your own province. For example, if an Ontario driver was caught speeding in another province, Ontario would treat that offense as if it happened here. I couldn't tell you how that works in Alberta.