I don't think there's any point in Canada trying to compete in the semiconductor industry it's just way to expensive. Maybe some kind of joint partnership with the US might work.
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Canada is not going to be able to create a whole semiconductor industry out of nothing. We should probably focus on obtainable goals.
I've heard Canada is well suited for battery manufacturing and is actively trying to build an industry out of it.
Canada could partner with TSMC to get fabs built on the Fraser or the St. Lawrence. Fabs require a fuckton of water, and Canada has a fuckton of water. We're also more politically stable than the US, so it should be a no-brainer.