I am on H1B, and I commute every week from Canada because my family is still in Canada. It's too complicated to file 1040 as residence alien because we need to report every foreign accounts and interest of those accounts. Is it allowed to file 1040NR instead although I lived in US more than 183 days in 2011?

No you can not file nonresident tax return. If this is your first year in H1-B, you are dual status. So you can file
1. Dual status tax return, or
2. File joint return as residents and claim dependents.
Yes, on resident return you have to report worldwide income. You will also file form 1116 to claim foreign tax credit. Thus you will pay very little tax on foreign income. . Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income (http://taxipay.blogspot.com/2008/03/us-citizen-or-resident-with-foreign.html)