i would not count on the canadian government not running a system that is substantially similar to the usg. intelligence services often aren't concerned with laws, so expecting legal protection matters is a very much misguided path.
1. This venture is backed by a private fibre network. This means that all (most) of the traffic for these large clients will still be very accessible nationwide, but will not be subject to internet backbone taps (within Canada or otherwise).
2. Canada's legal system is still a ways away from the US, although Harper is trying his damnedest to change that. To my knowledge, it's still significantly harder to obtain legal wiretaps, especially blanket wire taps, than it is in the US. Naturally, legals systems can change, but for now people are trying to work within the system and stay ahead of the curve.
3. Again, a private network. This means that even in the eventuality that intelligence services were doing illegal surveillance, it's a bit harder for them to access the network without the companies and their clients knowing.
That said, if Canada keeps going in the direction it is going, it probably won't matter. I'm just mentioning that people are indeed trying something in this space. Like all ventures, they are by no means guaranteed success.