The real problem facing Canada is a lack of coherent, fact-based innovation policy. We have an innovation tax credit that is proven to be the most inefficient in the developed world. Companies love it because they get free cash (the program is also known as the "free money" program). As someone who has worked in tech in Canada I have never, ever heard anyone say that the credits made research possible. This is work that was going to happen anyway.
I recently heard Perrin Beatty from the Canadian Chamber of Commerce speak. He argued that the government should no longer conduct long-term pure research but should switch to improving incremental innovations because that what companies need. Mr Beatty, a life long politician who inherited his wealth, made it clear that he doesn't have a clue about industrial R&D or the incentives underlying the different players. (Obviously, I've chosen a side in this debate...)
As a Canadian this upsets me because there is a long history of poor government investments, and putting political agendas ahead of economic ones. I have a feeling that in four or five years the current feel-good story will end with a lot of money spent but not a lot of actual money made. Or, more typically, Canadian mid-sized tech companies sold to foreign buyers.
In short, there are many things governments do very well here. Industrial policy does not seem to be one of them.