This is not only as dangerous as the US Cloud Act. There is a similar law in China that represents the same threat. Adversaries like China and Russia are waiting for this.

In 2024, U.S. officials urged U.S. citizens to use encrypted apps after China hacked into the U.S. ISP's wiretap systems.

As the alert reads,

... we have identified that [China-]affiliated actors have compromised networks at multiple telecommunications companies to enable the theft of customer call records data, the compromise of private communications of a limited number of individuals who are primarily involved in government or political activity, and the copying of certain information that was subject to U.S. law enforcement requests pursuant to court orders. We expect our understanding of these compromises to grow as the investigation continues ...

It exposes Canadians to a high risks of surveillance by malign actors, and the threat doesn't come 'only' from the South.